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. 

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
The Mandolin, Promarine Finance customer story
The Mandolin, Promarine Finance customer story

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 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.