Can I remortgage to fund the purchase of a canal boat.

Canal boat mortgage. 645 per month plus initial deposit of 10000. This simple loan calculator is designed to give an indication of the APR monthly repayments and total repayments you could expect to. What is a Canal Boat.

The loan is commonly secured against the boat and is known as a Chattel Mortgage. Freephone 0800 140 4609. There are only three requirements to be able to write off the interest from your boat loan as a second home.

Typically canal boat finance is available for up to 75 of the cost of a new boat and 70 of the cost of a used boat. Special legal terms and conditions apply to chattel mortgages and in some specific cases the narrowboat finance company may issue an agreement whereby they actually own the boat until the canal boat. Our team of friendly and knowledgeable marine mortgage experts understand the unique challenges associated with narrowboat finance and are committed to getting every customer out on the water as soon as possible.

The repayment terms for a marine mortgage are likely to be less than that of a mortgage for a house with some lenders requiring the loan be repaid within 15 years. Can you get a mortgage on a canal boat. You cannot take out a home loan on a canal boat as you are not living on a fixed plot of land.

This guide will run through all of the considerations when thinking about purchasing a canal boat including the mortgage criteria for canal boats. Sure Marine Finance is the UKs leading finance specialist for Inland Narrow Canal Boats. Exclusive rates from 460.

If you want to buy a canal boat you can either do so with cash or through personal loans. And if it turns out you do need some help financing your canal boat youve come to the right place. Writing off your boat as a second home.