Narrow Boat finance help

mightykate

Hi
35 and still in rented property, new landlord continues to carry out building work every weekend, Im at my wits end dealing with the disruption, only earn £17,000 per year, have debts of £10,000. Cannot afford any houses, flats in my area, looked at a narrow boat and I know there is a huge list of reasons: for and against but can anyone advise how I can get my hands on a £40,000 loan? Marine morthgages only pay 80% of price and I don't have the deposit, can get a £25,000 loan from Barclays repaying £370 per month which would be great were it not for the fact that I need another £7000. Worked out costs of boat and I need to pay £240 per month for mooring, insurance, waterways bills etc etc. then need to pay ack the loan/ mortage and my current debt. If I could get £40, 000 then I could buy the boat and clear most of the existing debt.

just want to live somewhere thats mine....even if its small.
Any advice very welcome even if its to say "Get a Grip"! But Please dont be too harsh...
Thanks

Running_Horse

Get a grip.

Life on board can be harsh in midwinter when you are bailing out freezing cold water at 6am. Sorry, not sure about the finance. Search "Hoo" in Kent on Rightmove for what can be got cheap. Have known people who have gone down this route, and would never do it myself.

Try renting a boat first?

Generali

mightykate wrote: »

Hi
35 and still in rented property, new landlord continues to carry out building work every weekend, Im at my wits end dealing with the disruption, only earn £17,000 per year, have debts of £10,000. Cannot afford any houses, flats in my area, looked at a narrow boat and I know there is a huge list of reasons: for and against but can anyone advise how I can get my hands on a £40,000 loan? Marine morthgages only pay 80% of price and I don't have the deposit, can get a £25,000 loan from Barclays repaying £370 per month which would be great were it not for the fact that I need another £7000. Worked out costs of boat and I need to pay £240 per month for mooring, insurance, waterways bills etc etc. then need to pay ack the loan/ mortage and my current debt. If I could get £40, 000 then I could buy the boat and clear most of the existing debt.

just want to live somewhere thats mine....even if its small.
Any advice very welcome even if its to say "Get a Grip"! But Please dont be too harsh...
Thanks

Can you increase your income? Perhaps by moving jobs or learning some skill connected to what you do.

BrandNewDay

Could you work and save £7,000? I'm thinking you may have a pretty good choice of properties if you wait a bit and do this. I know it may suck to be where you are right now, but this is probably a good time to be patient.

nelly_2

Narrow Boat finance help

Theres an obvious and appauling joke here about boats and ocean finance but Im sooo above cracking that one off

Did I just say cracking one off?

SquatNow

You did but you also sait "o**** finance" which is also a swear word. I think the mods should add it to the profanities lists...

Lotus-eater

What about finding another flat to rent until you save up the extra money?
Otherwise you will just be putting yourself more in debt.

Have you ever lived on a boat? Its not for everyone, as Running Horse says, especially in winter. If you are paying 30k for a boat to live on, its going to be old and have associated problems.
I would go to a marina (or two) and talk to some of the people that live in NB's there, for a start they will tell you what its really like in winter and most of them will know whats going on with other boats around them, ie any not being used and could be rented out? They will also give an opinion on what can be bought for the money you have.

Tbh, although some people here will probably say its sexist, I don't think that many women would get on with living alone in a NB. Don't get me wrong, I know some do, I've met alot, but they are the exception.

theGrinch

you also need a mooring which is sometimes more than the boat

BrandNewDay

I would imagine they get very cold in the winter, right? Not my idea of fun. But, it could be shagadellic for a young single guy, baby!

bukup

Running_Horse wrote: »

Get a grip.

Life on board can be harsh in midwinter when you are bailing out freezing cold water at 6am. Sorry, not sure about the finance. Search "Hoo" in Kent on Rightmove for what can be got cheap. Have known people who have gone down this route, and would never do it myself.

Try renting a boat first?

what a prat you are horsey......you knock everyones ideas.

You seem to think you can judge everyone.You sad Bast*ard

CB1979_2

to be honest don't think he's said anything unjust there, even gave a bit of advice.

also I'm sure the "get a grip" was a joke, like the OP put in her first post.

whereas bukup you made erm, oh another pointless post congrats

@ OP - I'd defo check out seeing if you could rent one now as well (leading up to winter would give you a proper idea of how it really is, also speak to other NB owners/renters as has been suggested.

I personally wouldn't buy one, kit all out, etc without at first experiencing a bit what it's like.