Personal loan to buy a canal boat

canalboats

Hi, I am looking for some advice. I have just completed my Masters and got a job lined up starting end of February. I am relocating and looking to buy a canal boat to live on so need a loan of £50,000 to do so. My bank does not do personal loans. Any bank / building society I have contacted cannot offer me a loan until I am in employment ( ranging from day 1 to 3 months). Is there any other option available to me? I have a student loan and an excellent credit score. Thanks. 

MattMattMattUK

canalboats said:

Hi, I am looking for some advice. I have just completed my Masters and got a job lined up starting end of February. I am relocating and looking to buy a canal boat to live on so need a loan of £50,000 to do so. My bank does not do personal loans. Any bank / building society I have contacted cannot offer me a loan until I am in employment ( ranging from day 1 to 3 months). Is there any other option available to me? I have a student loan and an excellent credit score. Thanks. 

You currently have no income, so no legitimate lender will lend you money. Even with three months employment I would be very surprised if any of them would lend you £50k. Your credit score is meaningless and should be ignored entirely.

You need to look at alternative living options to get you started, it would make sense to look at becoming a lodger to start, it is cheaper and far more flexible and then you can get a handle on what you might want your living options to be going forward. 

DullGreyGuy

canalboats said:

Hi, I am looking for some advice. I have just completed my Masters and got a job lined up starting end of February. I am relocating and looking to buy a canal boat to live on so need a loan of £50,000 to do so. My bank does not do personal loans. Any bank / building society I have contacted cannot offer me a loan until I am in employment ( ranging from day 1 to 3 months). Is there any other option available to me? I have a student loan and an excellent credit score. Thanks. 

Have you looked at the costs of living on a canal boat? Assume the boat doesn't come with a lease for a residential mooring place they can be very expensive, the one near us is circa £15,000 a year plus utilities, council tax etc. A friend bought their houseboat which includes a leased mooring (99 years from mid 80s) and the mooring was about 2/3 the price they paid. 

Like most you'll probably need to rent until you're in gainful employment and to rent you'll equally probably have to put down several months rent given your employment situation.