Advice sought: Buying boat - bank loan/marine mortgage

[simo...@my-deja.com]

Here's how I raised the money for Havana, complicated but cheap!

First, do you already have a house mortgage, or do your
parents/siblings/friends have one? If so read on:

My parents extended their mortage to the tune of £22,000, the value of
Havana. Their mortgage company, like any other, are not concerned about
where the money is going. I then took out life insurance to the tune of
£22,000 (£8.50 per month for a 28 year old) and wrote a will giving
them custody of the boat if I passed away. The only other insurance you
would need is possibly unemployment insurance to protect you from
defaulting on the repayments. I don't need to do this as I am a company
associate and therefore have to have at least 3months notice to quit my
job.

I now pay for part of my parents' mortgage. I cannot default so they
are safe, of course you could always take on the whole mortgage and get
the other party to pay you instead.

The advantage is massive: Much lower interest rates, you can borrow
more, and choose how much you pay off each month. Can't believe that
more people don't use this method of payment.

Simon Marshall
NB Havana, Kingston upon Thames

Sent via Deja.com http://www.deja.com/
Before you buy.

[Michael J Wooding]

It is, for most people with reasonable credit ratings, simplicity itself to
raise a personal loan for up to 15k - you can even do it over the phone

Mike

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<simo...@my-deja.com> wrote in message news:8p50f4$s4d$1...@nnrp1.deja.com...

[Robin Cocker]

Michael J Wooding <mic...@thewoodings.screaming.net> wrote in message
news:39b6...@news.server.worldonline.co.uk...

> It is, for most people with reasonable credit ratings, simplicity itself
to
> raise a personal loan for up to 15k - you can even do it over the phone
>
> Mike

I have no bad credit history and was refused. I checked out my credit
history and there was nothing bad on it. I have a steady job and have no
problem making the repayments of the loan I eventually got from my bank. I
presume I was refused because there is hardly any history there (I only
graduated a couple of years ago). My bank, with whom I have more history
(all good) and who want to retain my custom, had no problems giving me a
loan. They didn't do a credit history check. I don't really care why I was
refused - just wanted to point out that you may not be as eligible as you
think.

Robin

nb uisce
http://www.floatingabode.co.uk

[Michael J Wooding]

Robin Cocker <rco...@scigen.co.uk> wrote in message
news:8p5v81$els$1...@soap.pipex.net...

Apologies Robin, I assumed that like most of us on the ng you were of more
mature years :->

[Bob Griffith]

On Mon, 04 Sep 2000 11:48:01 GMT, em...@easynet.co.uk (emmy) wrote:

>I have been renting and living aboard a narrowboat that belongs to a
>friend and he now wants to sell. I would like to buy and if I can't
>raise the full amount may have to consider a bank loan or marine
>mortgage. The boat is moored on a non-residential mooring with a lot
>of other boats but everyone lives aboard and there is not a problem
>there. Now if I applied for a bank loan or marine mortgage would it be
>to my detriment to be too truthful about this arrangement ?

I enquired about raising a marine mortgage with Collidge and partners
about a month ago. They told me that they would lend up to 80% of the
value of a boat, they preferred new boats but would consider others
subject to a satisfactory survey/valuation. They also required a
residential mooring, proof of the source of the deposit (so they could
see you weren't borrowing the deposit from someone else on credit) and
evidence of earnings. They would lend for a period of up to 10 years
and on either a variable or a fixed rate with an option to pay off
lump sums or the complete amount early without penalty.

Regards

BobG
------------ ** Remove spamguard before replying ** --------------------
Bob Griffith "The Earth is but one country
nb "Dormouse" and mankind its citizens"
Bob_Gr...@spamguard.bigfoot.com - Baha'u'llah

[emmy]

Thanks everyone for your input. I will try my bank (HSBC) first for a
£15,000 loan - 50% of the cost of the boat. Hopefully that will work
out.
Best

Emmy