The ‘lure of the liveaboard’: Rising house prices and restrictions lead to surge in liveaboard vessel finance

Trend sees younger people opting for ‘life afloat’ #BargeLife

Leading marine finance lender, Promarine Finance has seen a near 40% year-on-year increase in the number of finance deals for liveaboard vessels from January 2021 to date.

These customers are also borrowing more with a higher loan to value (within the 80% maximum Promarine allows) compared to the same period in 2020, indicating a new and younger demographic entering the market.

Liveaboard vessels are becoming a real trend in the UK with many customers taking advantage of the affordability, the lifestyle and the freedom they offer. Many types of boats can be considered a liveaboard such as a powerboat or cruising sailboat, houseboats, or barges, even narrowboats.

Promarine Finance offers fixed and variable rate marine mortgages for new and used RIBs, motorboats, sailing yachts and canal boats over periods of two to 15 years and is one of only a few finance providers for liveaboard vessels in the UK.

In March, there were 35,130 people with boat licences for rivers and canals– compared with 34,435 last year and 32,490 in 2012. The Canal & River Trust states that surveys put the proportion of liveaboard vessels on the water at around 25% (a rise from 15% in 2011) nationally. 

Stuart Austin, Director of Promarine Finance, comments: “Our Q1 performance this year has been our strongest to-date. We’ve noticed a surge in demand for boat finance particularly for liveaboard vessels. The ‘race for space’ fuelling the housing crisis is pushing buyers to consider alternative and more cost-effective living arrangements. Customers opting for liveaboard vessels are also getting younger. Liveaboards such as canalboats are no longer considered an option for just the retiree, instead drawing people who are seeking alternative lifestyles with freedom from the traditional housing options.”

He continues: “There are approximately 4,700 miles of navigable canals and waterways in the UK. With so much to explore, it’s no wonder people are opting to have freedom. The canals are certainly calling!”

Promarine Finance hires a new Business Development Manager

Promarine bolsters team as part of its development programme with ex-Olympian.

Leading marine finance lender, Promarine Finance has appointed a new Business Development manager, Steve Bent following a period of substantial growth.

Steve’s appointment is part of an on-going development programme that will see the company continue to expand over the next 12 months.

In 1984, Steve represented Great Britain in track cycling at the LA Olympics. His passion for cycling has continued throughout his career and he has spent the last 30 years owning and operating his own cycling organisations.

Steve will be responsible for the overall business growth strategy and execution. He will also support the sales team with lead acquisition and processing.

Steve’s wealth of experience adds continued value to Promarine Finance

Stuart Austin, Director of Promarine Finance, comments: “We have just had our busiest Q1 to date with a substantial 71% increase in the number of deals made, compared to the same period in 2020. We are keen to build on our success and Steve’s appointment will further enhance our growth for the remainder of the year and beyond. Steve comes with a wealth of business development experience including business acquisitions, mergers and spearheading lead generation strategies.”

Steve comments: “My career spans business ownership and development roles. This newly created role will benefit from my existing skill sets and present new challenges. I am pleased to be joining the dynamic team at Promarine Finance and sister company, Prolease.”

Promarine Finance Q1 deals up 71%

Leading marine finance lender, Promarine Finance has seen a 71% increase in the number of finance deals in Q1 2021 vs 2020.

Promarine Finance offers fixed and variable rate marine mortgages for new and used RIBs, motorboats, sailing yachts and canal boats over periods of two to 15 years.

The biggest demand has been driven by motorboat finance during this time. Promarine has seen a substantial 180% increase in the number of motorboat mortgages in Q1 2021, a 150% year-on-year increase in finance deals for RIBs for the same period compared to 2020 and a 30% increase in the number of canal boat finance deals.

Stuart Austin, Director of Promarine Finance, comments: “Our Q1 performance this year has been our strongest to-date. We’ve noticed a surge in demand for boat finance, particularly for motorboats and RIBs. This highlights the growth in leisure boating in the UK and indicates that boat ownership is very strong.”

“With ongoing uncertainty about overseas travel and the requirement for vaccination passports, and ‘green zones’, more people are opting for guaranteed leisure time through boat ownership. We initially thought this to be pent-up demand, but it has become apparent that the industry is welcoming new entrants to the market. They are more decisive in their purchase; we believe they are not just here for the short-term but see leisure boating as a safe, unrestricted option.”