Mortgage for a narrow boat?

[andork]

Does anyone know of anywhere that are still doing mortgages or loans? Obviously its not the most ideal way of buying a boat, but we would rather put the money into a mortgage on a boat than say renting a place with nothing to show for it after 10years. Sure we could get a house mortgage to mitigate this, but that required a big deposit and more importantly, knowing where you want to live for a long time.

It seems most of the reliable places have stopped doing them

pegasus marine finance seem to be the only option, anyone have any experience with them?

Thanks,

Alex.

[ditchcrawler]

https://www.arklefinance.co.uk/divisions/boat-and-yacht-marine-finance?gclid=CjwKEAjw26C9BRCOrKeYgJH17kcSJACb-HNAmnsLoKYUBBBZPunrZ3YFlcCM-XdnbrSnaCIrF14KORoCnanw_wcB

 

https://www.pegasusmarinefinance.co.uk/

 

Just a couple from Google and some advertise in waterways magazines.

[Guest]

https://www.arklefinance.co.uk/divisions/boat-and-yacht-marine-finance?gclid=CjwKEAjw26C9BRCOrKeYgJH17kcSJACb-HNAmnsLoKYUBBBZPunrZ3YFlcCM-XdnbrSnaCIrF14KORoCnanw_wcB

 

https://www.pegasusmarinefinance.co.uk/

 

Just a couple from Google and some advertise in waterways magazines.

 

Good to see companies still willing to take this type of business on, for a while it looked like the rug had been well and truly pulled.

[Robbo]

Marine mortgages usually require a 20% deposit. If you don't need to borrow more than £25K get a unsecured loan.

[DeanS]

Went to Sainsburies. 8.7% last week.

Lloyds wanted to charge us 29% interest. (and that's after paying them back without a hiccup a previous loan at 11% over the past 5 yrs). Unimpressed with them is an understatement...I was expecting the red carpet....

[RufusR]

Went to Sainsburies. 8.7% last week.

 

Lloyds wanted to charge us 29% interest. (and that's after paying them back without a hiccup a previous loan at 11% over the past 5 yrs). Unimpressed with them is an understatement...I was expecting the red carpet....

 

29% is bank speak for go away we don't want this type of business . They are trying to discourage you rather than telling you to bugger off .

[Quaysider]

Depending on how much you want to borrow, as already said, a personal loan might be your best bet - IF your credit history is good (you can check on "Noddle" for free, forever without too much faff, I'd take a look at Zopa loans. It's peer to peer lending and better rates than most banks do.

[Lmcgrath87]

Bank of Dad helped me out, he's pretty good, and the interest rates were very favourable. I don't think he's doing any more lending unfortunately.