MORTGAGE FOR A VESSEL TO LIVE ON
Finding a marine mortgage for this particular area however is much more difficult. You will have to do more research for a good lender and some of the reasons for this are:
The vessel should have at least 12 months secured moorings.
In a lenders opinion, the ‘live on board’ choices carry more risk.
Lender feel that if you can not afford bricks n mortar, because living on a boat is much cheaper and therefore carry’s more risk.
In the event of a default, a boat is much harder to repossess, than a traditional house.
A bricks and mortar mortgage falls under FSA rules, in contrast a marine mortgage for leisure craft which does not.
Any type of sea-faring vessel will not qualify. (as you may sail it away and never come back!!)
Typical mortgage periods are usually from 2 to 15 years, with 10 years being the norm with the loan to value amount of usually 80%.
What can be in your favour?
Permanently moored vessels
Non-engined vessels with permanent moorings
It’s estimated that around 15,000 people currently live onboard their own boat ranging from coastal berths, canalside to river moorings.