Promarine Finance sees spike in canal boat finance deals following Boris’ speech

Leading marine finance lender, Promarine Finance has seen a staggering 300% year-on-year increase in the number of canal boat finance deals in February 2021 and 56% growth in terms of the loan amount for the same period.

Promarine believes this growth can be attributed to a growing demand for people looking to change lifestyle and living arrangements following stringent lockdown measures.

Promarine Finance offers fixed and variable rate marine mortgages for new and used RIBs, motorboats, sailing yachts and canal boats over periods of a few months to 10 years. Canal boat finance has remained consistently strong since 2019 as Promarine has been the only lender financing liveaboards since March 2020. 

Stuart Austin, Director of Promarine Finance, comments: “Since Boris’ speech we have received a surge in demand for canal boat finance compared to the same period in 2020. Our enquiries have also seen a 130% year on year increase, a very positive indicator for a shift in the market.

“This highlights the growth in canal boating in the UK and indicates that boat ownership is still popular in the current climate. As a result of COVID-19, we know more people are opting to holiday in the UK and spend their leisure time on the water – a trend that began in 2020 and will continue through 2021. Conversations with new customers have highlighted a wave of COVID-fatigue and people wanting to realise their aspirations of boat buying without any further delay including many opting to switch from living on land, to living on the water.”

Promarine Finance will be attending the upcoming Crick Virtual Boat show from 24-28th March and welcomes attendees to join them for 1-2-1s over the weekend, providing a great opportunity to discuss finance and options.

Planning a Canal Boat Holiday in 2019?

Best Canal Routes in the UK 2018

With the holidays quickly approaching it may be time to plan your next trip and with many beautiful sites in the UK, why not hire a boat?

Narrowboat Owner, Julie Cox, says: “If you are planning on hiring a boat, choose the area you want to visit and check the canal maps for what is involved.” With this in mind bwml.co.uk have put together a map of the best canal routes in the UK to help boaters discover the beauty of the country.

Grand Union Canal North of Milton Keynes

Included in the list, the Grand Union Canal starts in London and ends in Birmingham with multiple stops along the way. Perfect for exploring Oxford through to Aylesbury, it is the longest canal and is often referred to as the trunk of the system. This is because the waterway offers a diverse selection of traditional towns and villages and is ideal during the quiet autumn months; giving boaters’ more time to take in the stunning views.

Kennet & Avon Canal

Also mentioned, Kennet & Avon Canal is known for its spectacular landscapes and charming history. Linking Bristol all the way to Reading, the waterway takes boaters through some of the most beautiful scenery and memorable sites. With medieval buildings and Norman remains, the canal passes through many historic places and includes, the famous Avon Gorge, the Royal Crescent and lots of impressive structures designed by John Rennie.

Additionally, in recent years the canal has been redeveloped into a popular tourist destination for both boaters and families. Offering canoeing, fishing, walking and cycling, the area is filled with plenty of things to do and see.

UK House Boat Hotspots

Living on a house boat has been growing in popularity in the UK thanks to a variety of factors, primarily involving the possible reduced living costs that living aboard a boat involves. Despite the lack of marine financing options being one of the main factors actually holding back the growth in this area, the fact that cities are becoming increasingly expensive to buy homes in means more and more people are seeking out alternatives.

Mooring a boat is usually necessary to gain financing and that can add significant costs to house boat living, but many people are still finding it a much more preferable means of living than trying to save up for a house in or near a city.

Best Permanent Mooring Spots In the UK

The best permanent and residential moorings will feature the fresh water, electricity, pumped drainage, telephone landlines and Wi-Fi, but these can be expensive to acquire. The most expensive of these will be found, unsurprisingly, in the capital.

London is by far and away the most popular permanent mooring destination and the prices reflect this. The costs get more expensive the closer to central London you get, but you can find cheaper moorings in the surrounding areas around the main hub of the city.

UK’s Best Temporary House Boating Hotspots

Travelling up or down the Grand Union Canal can take you into the heart of England’s most beautiful scenery. Whether you’re travelling up from London or heading south from up north, you will discover many fantastic places to moor your boat along the way.

Particularly notable are the reservoirs at Marsworth and the Cosgrove Aqueduct. Marsworth is a village in Buckinghamshire northwest of the Greater London area, and features some fantastic sights for anyone looking to see old fashioned Britain without straying too far from the capital. The navigable Cosgrove Aqueduct is a little further north than Marsworth in Northamptonshire in the East Midlands. Here you can find moorings on the beautiful Great Ouse river.

Financing Options for Buying a House Boat

Figuring out where to moor your boat is the final piece of the puzzle, but before that you will need to consider what kind of value and term you can manage for the mortgage you will need to fund the purchase of the boat, assuming you cannot just buy one outright. Thankfully Promarine Finance can talk you through the whole process.

To explore your financing options for buying a boat, contact Promarine Finance who can talk you through the process and arrange a quick chat to discuss the marine mortgage options available to you.

Inland vessels – canal boats and river cruisers

The canal boat industry is pleased to find Promarine do not require boaters to have residential moorings meaning all boaters are able to cruise continuously and live aboard.

We are also financing new build vessels with stage payments.

Stuart Austin, Director of Promarine explains how his company differs from main stream lenders

“We became involved with marine finance because of our personal interests in sailing and we recognise the passion and importance of owning a boat. A boat can easily become a family member and much cherished”

Stuart continues, “our lending is based around finding people that want to cherish their boat and then ensuring we help them to purchase what they can afford”.

So far Promarine Finance has helped lots of boaters purchase boats that often fall outside the remit of the banks. Promarine will finance older boats providing they survey satisfactorily, will lend lower values from £3k upwards and over periods of up to 10 years. Typically Promarine will lend against 70% of the value of a boat.

Stuart adds “most of our customers have a good idea of the type of boat and budget they can afford, but often they choose to finance only part of the boat purchase price, so keeping their savings in place for a “rainy day” scenario. We are very happy to lend the minimum amount customers need to get the boat they want and at payments they can afford. Our website has an online calculator and enquiry form to quickly get the ball rolling.”