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Finance and moorings

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Mike H

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Mar 27, 2007, 10:27:15 AM3/27/07
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Thinking of swapping to a newer (possibly new) nb sometime later this
year. At present our existing boat has a permanent mooring, which we
were thinking of giving up. However, would an application for marine
finance be easier if you had a mooring than it would without ? Does it
depend on the type of finance i.e. mortgage or loan ? Anyone with any
experiences to share ?

Mike H

back to the boats

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Mar 27, 2007, 11:01:17 AM3/27/07
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Loans need to be secured, if you have a house no problem. but to lend
money on a boat that can be anywhere is not what the lenders do.
However with a permanant mooring you do not have to stay put you can
still cruise. If you buy a new shell make sure everytime you pay money
to the builder that you have title to a part of your build, so if the
builder goes pop your boat part or fully built is owned by you.
Otherwise you can wave your £30,000 goodby

Dave Mayall

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Mar 27, 2007, 11:09:22 AM3/27/07
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On 27 Mar 2007 08:01:17 -0700, "back to the boats"
<victor...@tiscali.co.uk> wrote:

>On 27 Mar, 15:27, Mike H <m...@nospam.co.uk> wrote:
>> Thinking of swapping to a newer (possibly new) nb sometime later this
>> year. At present our existing boat has a permanent mooring, which we
>> were thinking of giving up. However, would an application for marine
>> finance be easier if you had a mooring than it would without ? Does it
>> depend on the type of finance i.e. mortgage or loan ? Anyone with any
>> experiences to share ?
>>
>> Mike H
>
>Loans need to be secured, if you have a house no problem. but to lend
>money on a boat that can be anywhere is not what the lenders do.

I love it when people say things that are utterly wrong with such
conviction.

Clearly I am delusional, because I know that my loan is secured by a
chattel mortgage.

Marine Mortgages are fairly common.

si...@robinson-technical.freeserve.co.uk

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Mar 29, 2007, 4:54:57 AM3/29/07
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On 27 Mar, 15:27, Mike H <m...@nospam.co.uk> wrote:

It probably depends who you go to. You will probably need a fixed
address and then they won't care.

Mind you, we used Mercantile Credit (Barclays) and they didn't bother
to let us know they had a major system cock up five years ago that
resulted in them not taking five months of payments. (yes you would
have thought we would have noticed but we didn't, partly because they
stopped sending us statements too).
Then it's taken them 5 months to recalculate the loan to not charge
us interest for those 5 months, and eventually since they made such a
mess of it we just took a guess and they agreed to clear the loan.

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