Financing question for an over 30 year old boat

[GMac]

Hello everyone,

I'm looking for some advice. I have been looking out for a 40ish foot cabin cruiser that can sleep up to 6 people not using the saloon as a cabin and I have found a couple of interesting boats that fit the bill but unfortunately they were all built in the 80's and around the £65 - 70K mark.
I have already saved up a deposit of £25K which works out at approx 30% of the purchase price which is required by most of the marine mortgage sites I have found online but all of these sites say they limit lending to 25 - 30 year old craft.

Does anyone have any experience or advice on where to go to obtain finance on older vessels?

All the best
Graeme

[Ianfs]

Hi Graeme

Welcome to the forum.

I don't have a clue I'm afraid. Sounds like it needs a bit of leg work. :

[MartynG]

I would suggest seeking an unsecured personal loan from a reputable source such as a building society or bank where you presently hold accounts
That will probably be capped at £25k.

[argonaut]

I had a offset mortgage... meant I could borrow at mortgage rate (0.25% above base rate)
There was no questions about ‘what for’ simply a draw down.