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eco-boat

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Hi Folks,

I've been planning to live afloat for over five years and now the time has come. I want to start my boat build in January, so I'm deep in the planning phase.

I have some money/savings but not enough to get what I want so I'm going to have to borrow some money to fund the build. I was wondering if the group could recommend an appropriate finance company.

Thanks,

     Mark

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12 hours ago, Robbo said:

If you need a secure loan (ie over £25K) then I think Lombard are the only ones left that do marine mortgages.

The market has certainly narrowed but there are others out there as well.

Pegasus, Close, Clydesdale and CGI to name but a few.

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2 minutes ago, Heffalump said:

So I've had quotes from a couple of marine lenders over the last month, arkle finance, Pegasus marine, and promarine finance. I've not tried Lombard yet.

Hang on in there young Jim bob :D

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2 minutes ago, Chewbacka said:

I don't know if you have a property, and how big your mortgage is, but you may be able to increase your property mortgage with the house obviously being the security for the loan, and mortgages do tend to be a 'cheap' way to borrow money.

I don't have a house, just a good deposit. It's a widebeam liveaboard sailaway I'm buying, so I'm going to have to borrow at least £25k. I'm frantically trying maintain/improve my credit rating.

It's nice to know there's a bit of competition between lenders. Thanks for the help.

     Mark

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12 minutes ago, eco-boat said:

I don't have a house, just a good deposit. It's a widebeam liveaboard sailaway I'm buying, so I'm going to have to borrow at least £25k. I'm frantically trying maintain/improve my credit rating.

Credit cards are the easiest way to boost your credit rating (as long as you pay them off!).

Edited by Robbo
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39 minutes ago, eco-boat said:

I don't have a house, just a good deposit. It's a widebeam liveaboard sailaway I'm buying, so I'm going to have to borrow at least £25k. I'm frantically trying maintain/improve my credit rating.

It's nice to know there's a bit of competition between lenders. Thanks for the help.

     Mark

That's about how much I'm looking at borrowing. What I don't know is whether I'll get approved for both the marine mortgage, and a loan to help with the deposit, whilst I'm still paying my car off!

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27 minutes ago, Robbo said:

Credit cards are the easiest way to boost your credit rating (as long as you pay them off!).

Exactly. One doesn't have to 'try' to improve one's credit rating. One has to use credit responsibly (e.g. use a credit card regularly) for a few years and it happens as a result.

This means no messing it up by missing payments or exceeding one's credit limit. Once you have demonstrated you routinely do this always, your rating will rocket. 

Abetter idea though is to buy a second hand widebeam and do it up. This will be cheaper than a new build and you get to go boating far sooner!

  • Greenie 1
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4 minutes ago, Mike the Boilerman said:

Exactly. One doesn't have to 'try' to improve one's credit rating. One has to use credit responsibly (e.g. use a credit card regularly) for a few years and it happens as a result.

This means no messing it up by missing payments or exceeding one's credit limit. Once you have demonstrated you routinely do this always, your rating will rocket. 

Abetter idea though is to buy a second hand widebeam and do it up. This will be cheaper than a new build and you get to go boating far sooner!

From the research I've done, I'm not sure that is true. There are new sailaway widebeams advertised for £35k. I've yet to find a second hand widebeam for less than £60k and the ones at that price don't look like they'll stay afloat for long.

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22 minutes ago, eco-boat said:

From the research I've done, I'm not sure that is true. There are new sailaway widebeams advertised for £35k. I've yet to find a second hand widebeam for less than £60k and the ones at that price don't look like they'll stay afloat for long.

Here are twenty to get you started!

https://m.apolloduck.com/index.phtml?q=1&view=1&layout=1&rid=gb&cid=140&scid=72&search=&rid=gb&region=&fx=GBP&minv=&maxv=60000&minl=0&maxl=0&ymin=&ymax=&sort=0&type=

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36 minutes ago, Heffalump said:

That's about how much I'm looking at borrowing. What I don't know is whether I'll get approved for both the marine mortgage, and a loan to help with the deposit, whilst I'm still paying my car off!

As long as you haven't faulted on any payments then other loans won't really effect your rating.  In fact having a debt rather then never having a debt would improve the rating (reason why it's recommended to get a credit card).

Edited by Robbo
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Just now, Robbo said:

As long as you haven't faulted on any payments then other loans won't really effect your rating.  In fact having a debt rather then never having a debt would improve the rating (reason why it's recommended to get a credit card).

My rating is not bad. I'm just twitchy about having finance already, then applying for a loan to cover the deposit then applying for a mortgage too! As there's no way to know beforehand, and a refusal mucks up your score even further!

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59 minutes ago, eco-boat said:

From the research I've done, I'm not sure that is true. There are new sailaway widebeams advertised for £35k. I've yet to find a second hand widebeam for less than £60k and the ones at that price don't look like they'll stay afloat for long.

 

I see. 

A new sailaway has nothing in it however, and you'll splurge £20k easily just on materials to fit one out and paint it. Possibly a whole lot more.

But I can see the attraction.

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15 minutes ago, eco-boat said:

Isn't it also easier to get a loan for a new boat than it is to get a loan for a second hand boat?

I wonder if it's the other way, as you may need a bigger deposit for a new boat due to the initial depreciation?

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