WP Admin, Author at Promarine Finance

Promarine Finance appoints inland waterways expert to senior management team

Leading marine finance lender, Promarine Finance has appointed Matt Ashmall to its senior management team, which will strengthen Promarine’s offering by utilising his inland waterways knowledge.

Matt, who has been involved in asset finance for over 30 years with the last 25 years specialising in the inland waterways sector, will be using his experience to bring Promarine’s clients the very best advice and service for their marine purchases.

Born and raised in Abingdon on Thames in Oxfordshire, Matt’s had a lifelong passion for everything water-based and is keen to get as many people as possible on the water. “I’m really excited about the new role at Promarine and I look forward to utilising my experience and knowledge to help Promarine’s customers. There are approximately 4,700 miles of navigable canals and waterways in the UK and I look forward to helping people explore it.”

Founder of the ‘Favourite Boat of Show’ competition at Crick Boat Show, Matt has owned canoes, sailing dinghies and wind surfers over the years and enjoyed many trips on the rivers and canals in and around Oxfordshire.

Stuart Austin, director of Promarine said: “I’m really pleased to welcome Matt onboard the Promarine team. Interest in the UK’s inland waterways has increased greatly since the start of the coronavirus pandemic and we’ve seen a 40 percent increase in the number of finance deals for liveaboard vessels since the start of this year. Many customers are taking advantage of the affordability, the lifestyle and the freedom a liveaboard vessel offers and we’re seeing 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.

“Matt is joining the team at a really exciting time of growth and I’m delighted Promarine can offer even more expertise to its customers with the knowledge Matt has.”

Find out more about Promarine Finance

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.

To find out if you’re eligible for marine finance, get an instant personalised quote for your needs and have it approved in 30 minutes.

Join us at Southampton International Boat Show for our Boat Finance seminar

This September, we will be exhibiting at Britain’s biggest boat show, Southampton International Boat Show, and it’s set to be better than ever before.

On 13th September our director, Stuart Austin will be hosting a 30-minute boat finance talk at the event to help people that are new to boating.

Stuart said: “We’re excited not only to be exhibiting but also hosting a talk at this year’s boat show. After such a long time without in-person events, it will be great to be back doing what we love. Promarine Finance was launched at this very show in 2010, so this year will be of particular importance to us as we celebrate this milestone.”

With the growing popularity of boating and boat ownership, Stuart wants to share some of his years of experience with those considering buying or financing a boat.

The talk from Promarine Finance, which will take place on Monday 13th September, will cover:

an introduction to boat finance and how it can help customers and brokers
how finance has changed since the 2008 crash, and what is different today
a summary of the marine financing process, including agreement, settlement, and upgrades
Q/A session

He added: “Over the past year, we’ve seen a huge surge in demand for boat finance and it doesn’t seem to be slowing down. Boat ownership is a dream for a number of our clients, and we love nothing more than helping to make those dreams a reality.”

Southampton International Boat Show takes place at Mayflower Park, Southampton, from 10-19 September 2021. To join Stuart and a host of other experts in the boating community, tickets are available to purchase here.

To find out if you’re eligible for marine finance, get an instant personalised quote for your needs and have it approved in 30 minutes.

Our boating story: how Promarine helped us find our forever home

We already had a boat, 56ft, for nearly six years. We mainly cruised until we found a long-term mooring space. We set up home and loved it! It was like being on holiday all the time. We both work, so it had to be in an area accessible to a train station. We bought a dog and decided we needed a garden for him to play and run around in, so we started looking at houses.

One weekend, while out in the boat on a stretch of the Grand Union Canal in Warwickshire, the sun beating down, we decided we can’t move to a house. Our dog has all the surrounding areas he wants; he can run around the picnic areas and still see his mates, so we decided against a house and plumped for a new boat instead.  

How were we going to fund a new boat, we thought. We started looking at bank loans, but you can only get a certain amount. We Googled marine boat loans. Several companies came up. One stuck out in particular. It was personal, not just a company. I read the website and liked what I read. I put in my details for a quote. Not long after that, I got a call from Charlie at Promarine Finance. What a lovely chap. Very helpful, and we got on really well. That was the start of our journey.

We were pre-approved for a marine mortgage. We had some issues but nothing was too much trouble for Promarine to try and solve. 

Now go find a boat, they said! 

We looked and looked, had seen many, and none were suitable. Then by chance, we happened to see one that we had seen 2.5 years ago when we weren’t looking: the Mandolin, 70ft. We viewed it and it was the one. Offers were made and accepted. 

Charlie at Promarine Finance saw us through, step by step. Promarine dealt with any issues with the sellers and boat company to make the whole process less stressful for us. As everyone knows, buying a new home can be stressful. 

Stuart and Liza at Promarine are the Directors.  Really lovely people to talk to and personal to your needs. We spoke to Stuart, who took us through the process of signing the agreement, and had a general chit chat too, which was nice.  Completion went through smoothly. Liza rang us in the morning to confirm all was sorted.  We cruised back to Warwickshire to our mooring.

We couldn’t have asked for a better company to see us through our forever home.   

You don’t just deal with a company, you deal with real people who care, and try to get you your dream. 

Thank you Promarine, we appreciate everything you have done for us. 

That’s our boating story. Let Promarine assist you in securing your forever home, or even just a holiday home.

Sharon & Darren

Interested in starting your own boat journey?

To find out if you’re eligible for marine finance, get an instant personalised quote for your needs and have it approved in 30 minutes.

The Mandolin, Promarine Finance customer story

Promarine Finance: as seen in the Daily Mail

Is living on our canals and rivers the next property boom? Stuart Austin, Director of Promarine Finance, discusses the 40% rise in finance deals for liveaboard vessels Promarine Finance experienced in the past year in a recent article by Ed Magnus, featured in the Daily Mail.

The article states that house prices reached a record high in May — which means younger buyers in particular are seeing the appeal of living aboard a canal or riverboat as an affordable alternative.

Stuart, who founded Promarine Finance at Southampton Boat Show in 2010, has been helping boat lovers secure marine finance for more than a decade.

He said: “We’ve noticed a surge in demand for boat finance, particularly for live-aboard vessels. The ‘race for space’ fuelling the housing crisis is pushing buyers to consider alternative and more cost-effective living arrangements.”

With the help of Stuart’s experience, the article also details how boat mortgages are made possible by lenders like Promarine Finance.

Stuart explains that taking customers’ situations into account is crucial — and buyers are always encouraged to borrow the smallest sum of money, aiming to pay it back over the shortest period of time. He also outlines additional costs that buyers should consider, including the cost of mooring, an annual waterways licence, as well as insurance, tax, electricity and boat surveys.

You can read the article in full here.

Interested in getting a marine finance? Get your quote today

To find out if you’re eligible for marine finance, get an instant personalised quote for your needs and have it approved in 30 minutes.

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.

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!”