Trevor B wrote: > Whilst I am a mortgage advisor by trade I have until now not > been asked to > arrange finance on a floating abode especially a mobile one. > > I would be very interested in peoples' comments about the > finance they > arranged and the ones they didn't take up. Lender, rate, > term, value for > money etc. > > A client wishes to finance the purchase of a boat which will > be moored at a > rented mooring over which he has no lease rights. I have > heard some banks > will lend on the security of the lease on the bank/mooring > but that's not > the case here. This will be his home but he also intends to > travel on it.
No personal experience of this, but some years ago friends of mine lived afloat. They had no formal mooring, but spent the summer on the River Avon (with an informal mooring arrangement with a riverside landowner), and the winter bridgehopping around the Stockton / Napton / Braunston area. (The rules about home moorings and continuous cruisers weren't enforced then!) They had a marine mortgage from a finance company, which was somewhat more expensive than a standard mortgage, but not excessive. It was secured against the boat, for which purpose they had to have the boat registered as a Ship by Lloyds of London. As a result they had a rather impressive certificate and a substantial brass plate to attach to the boat. David Mack ------------------------ Yahoo! Groups Sponsor --------------------~--> You can search right from your browser? It's easy and it's free. See how. http://us.click.yahoo.com/_7bhrC/NGxNAA/yQLSAA/ygtolB/TM --------------------------------------------------------------------~-> Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/canals-list/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
