Want to buy a narrowboat but have no 20% deposit.how do I overcome this problem? boat is £49500 please help!!!

Question

Want to buy a narrowboat but have no 20% deposit.how do I overcome this problem? boat is £49500 please help!!!

Answer 1

A narrow boat depreciates quite quickly. If you really need a loan for one you will likely still be paying it when the boat is worthless.

You can get marine mortgages but they will want a decent deposit. You can get that with a personal loan. But really it sounds like you don't have any money saved up for it. A boat will cost you £2K at least each year, depreciation will be £5K per year. You cannot skip on this money, its licence, moorings and essential maintenance.

If you haven't got £10K deposit, are you ready/able to loose £7K ( £2K maint and £5K depreciation ) every year ?

If you are happy with the debt, take out a personal loan adn apply for a marine mortgage. Or, get an off-set mortgage, or  an extension to an existing mortgage which allows for extra drawing without having to spend on the house on which it is secured.

Answer 2

Perhaps if you don't have enough for even the deposit, that should be telling you that you should not buy it, or you should be looking for a cheaper boat.

Answer 3

Sounds like u may be sunk there old bean, remember you have to pay for canal licences, insurance, safety checks, and mooring fees are expensive now too, also u have to have the old girl hoisted out every 3 years to have her sprayed and blacked, sounds pricey to me.

Answer 4

Don't bother - it's overpriced...

Answer 5

Remember the 2 best days of a boat owner?

The day he buys it and the day he sells it.

Answer 6

Please don't get in a strop, but you shouldn't be buying this boat. If you can't raise the deposit then you will certainly be having difficulty keeping up the payments for it. They're not cheap to keep going yet.

Remember that it will also cost nearly £5000 a year in insurance, maintenance, Waterways Board inspections, licences, fuel and moorings etc.

You will certainly suffer some sort vandalism damage when it's unattended for any length of time unless it's kept in a (expensive) secure mooring.

Be patient and save up as much deposit as you can so that your remaining payments are as low as possible. Then you'll be able to enjoy your boat without financial worries.

Answer 7

do you have any equity in your house?,maybe you could get a top up on your mortgage.

Answer 8

You have a few options:

Look for a boat that you can afford.  

If you are determined to go into debt you could always ask to borrow money from family or friends (never a good idea - neither a borrower nor a lender be), or use a credit card for the deposit (an even worse idea).  

You could get a second job for a while and save money and buy a boat when you have enough for a deposit.

Answer 9

don't want what you cant afford

Answer 10

Try and get a marine mortgage on the boat, just like a house, but beware of the charges in the long run if you have no deposit.

Have any offer checked by a mortgage advisor, or go and see him first.

Don`t forget that buying a narrow boat is only the start.

Check on mooring availability and costs etc.

Answer 11

Put the deposit on a credit card?