Can you get mortgage on canal boat?

Can you get mortgage on canal boat?

Can I get a mortgage on a boat? While a canal or narrowboat isn’t necessarily a traditional property with a fixed address, it is possible to get a mortgage from a specialist lender.

Is a canal boat a good investment?

A narrowboat, or a widebeam boat should be considered as a second home from home, or, perhaps even as a new primary home for some buyers. The purchase of a narrowboat is indeed a large investment, however it’s an investment for your future, with happier and more peaceful times ahead.

Can you get finance on a boat?

There are two ways you can get finance for a boat, similar to getting a car loan. You can buy a new or second-hand boat using either finance option: A loan to purchase the boat outright. The borrower pays off the amount over an agreed timeframe alongside interest on the loan.

Do you need a licence to drive a canal boat?

No. Anyone over 21 can hire a canal boat with no licence or training whatsoever. Most people pick up steering and controlling the boat fairly quickly, canal hire firms will give basic training if you have no one experienced on board before letting you loose, and it is possible to take some lessons in advance.

Can you live on a canal boat UK?

Living aboard a canal boat Many people are leaving dry land behind and living on boats on the UK canal system, and most of them do it because it is the life they choose and love.

Do canal boats depreciate in value?

Realistically, though, that isn’t likely to happen in your lifetime. 9.5 If you don’t like the idea of a canal boat depreciating in value, the best thing to do is to buy one that is at least a couple of years old. Usually, most of the depreciation happens in the first 5 years or so.

Do canal boats depreciate?

They do have a tendency to depreciate faster than other craft. For more serious cruising, a narrowboat can comfortably cruise with up to 12 people aboard.

How can I get money to buy a boat?

To finance a boat, you can go in one of three directions:

1. Arrange financing through your boat dealer.
2. Get a loan from your bank.
3. Take out a loan with a lender specializing in marine financing.

How old a boat can you finance?

Some lenders (including one from our list above) will offer used and refi loans on boats as old as 19 years. If the boat is of high value, you may even find lenders willing to finance a watercraft as old as 25 or 30 years.

Do houseboats decrease in value?

Mobile houseboats, like cars, depreciate in value over time, usually by 20% in the first year and then by 5-10% each year after that. Floating homes, on the other hand, will appreciate in value at rates comparable to (or even faster than) conventional homes in some areas.

Do houseboats hold their value UK?

Houseboats hold their value – often even rising in price, says Day. There are significant costs to owning a houseboat, including mooring fees, maintenance, courses and dry docking – when the boat is lifted out of the water and repaired. Mooring fees in the north of England can vary from £700-£3,000 per year.

How much does a boat licence cost for the canal?

A 54ft Canal and River Trust (CRT) boat licence costs around £700 per annum. There are a number of other navigation authorities so licence fees will vary according to whose navigation you keep the boat on, as well as boat size.

Are there any buying guides for canal boats in the UK?

Canal Boat UK is supported by its readers. If you buy something with our links, we may earn a commission. Welcome back to Canal Boat UK. In the past we have done some buying guides, such as our guide to buying a used narrowboat.

What size boat do I need to navigate the canals?

Canal and river navigations vary in size, so you’ll want to buy a craft suitable for all the waterways you want to use it on. Many locks on the narrow network can take boats up to 70 – 72 ft in length but some locks are shorter and there are some tight corners so we recommend a length of 58 – 60 ft (17.62m – 18.22m) for cruising the whole network.

What is a canal boat called?

A canal boat is often known as a narrow boat. A canal boat is usually 7′ wide and up to 70′ long, usually fitted with engines, found cruising the inland waterways. Now deemed very popular as an ‘all-round’ craft, often the narrow beam does limit space. Often known as a widebeam canal boat or Dutch board for sale.