Promarine’s Easter Update

As we spring into the warmer months, it’s time for a well-deserved break over Easter to recharge and rejuvenate from a bustling 2024 thus far. 

This year has ushered in more flexibility in negotiating boat prices, with sellers displaying a pragmatic approach towards offers.

Despite the complexities of the inland waterways scene, it’s evident that living aboard remains the preferred residential choice for many of our customers.

For those eyeing the purchase of a live-aboard vessel, here are some top tips:

  • Ensure the boat comes with proper title paperwork, affirming the vendor’s legal right to sell and facilitating future transactions.
  • Consider leveraging the expertise of a broker who can aid in obtaining essential paperwork.
  • Check how long you can be on board at your planned mooring, not all allow liveaboards
  • Always get a full out of water survey from an accredited surveyor eg YDSA or IIMS
  • Confirm the RCD/RCR status of the vessel 

For both inland and ocean going boats, we’re offering stage payments for new builds across the UK and Europe— a facility which is not commonly available.

Additionally, our bridging and short-term finance options, coupled with a no-penalty early settlement feature, are just a couple of ways that we aim to have a personalised approach to best suit the unique needs of our customers.

Everyone here at Promarine Finance is wishing you a happy Easter, please note that our team will be on a break from Good Friday to Easter Monday. 

If you’re ready to kickstart your marine finance journey, utilise our convenient calculator tool to get your boating journey started

Promarine meets its 1000th customer

Promarine Finance is delighted to announce that in December 2022 the team has made it possible for 1,000 customers to purchase a boat with the help of fast and flexible marine mortgages. In turn, Stuart Austin and the team wanted to celebrate the milestone achievement by celebrating the 1000th customer, Abigail.

Abigail, ready to leave her family home, had set her heart on living aboard a narrowboat, reminiscent of her time spent with her grandmother on her barge when she was a child. By the time she contacted Promarine Finance, she had already identified her ideal vessel, named ‘Sparklingbrook’, and the team was happy to provide her with the necessary financial support to realise her dream.

In April 2023, Asha from Promarine Finance paid Abigail a visit aboard her boat to bring her a number of celebratory gifts, including a branded Promarine sailing jacket, chocolate and champagne, and to discuss how much she had been enjoying her new life on the water. One major bonus for Abigail has been being able to admire the stars in the night sky from her mooring, which are much brighter than at her family’s home.

Stuart Austin, the Director of Promarine Finance, remarked, “We are delighted to have assisted over a thousand people in acquiring a boat and starting their unique adventures on the water. Over the past decade, we have offered our marine mortgages to all kinds of boat buyers – first-time owners, individuals seeking a permanent residence wanting to liveaboard, experienced boaters , and many more. It’s always wonderful to be a part of someone’s boat-buying journey, and we take great pleasure in seeing our satisfied customers take delight in their newly-purchased vessel.”

If you’d like to explore how Promarine Finance can help you fulfil your boating aspirations with a marine finance loan, get a quote today.

Abigail is the founder of Jabbs Caterers, which provides a wide array of hot and cold buffets, and sit-down meals, for a variety of special occasions around Rugby.

Promarine Finance reports 65 percent increase in liveaboards since start of pandemic

Homebuyers are swapping traditional homes for liveaboards as the housing market hits record highs, the cost of living soars and purchasers look for alternative ways of living without compromising a step on the housing ladder.

Leading marine finance lender, Promarine Finance has seen a 65 percent increase in the number of liveaboards in the two years since the start of the coronavirus pandemic. 

With the average UK property cost was £270,708 in the most recent House Price Index data from November 2021 and for London this was £519,934, it’s no surprise that the costs of canal and narrowboat living are attractive. The average cost of a narrowboat sits at £57,000 with more modern boats up to £150,000 and although there are further fees of residential mooring, your Boat Safety Scheme (BSS) certificate and insurance, if you maintain your boat, it will hold its value.

Inflation is at a 30 year high with the rise in food costs and energy bills with gas and electricity costs set to rise further in the spring with the end of the government’s price cap. Choosing a liveaboard vessel despite having limited space and storage, it promotes a minimalist way of living teamed with a relaxing pace of life while cutting on bills.

Promarine Finance offers fixed and variable rate marine mortgages for all types of leisure vessels including new and used RIBs, motorboats, sailing yachts and canal boats over periods of two to 10 years where the finance is secured against the vessel. It can offer finance from £5,000-£500,000 with flexible repayment terms allowing customers to make extra payments or to settle at any time without penalty.

Stuart Austin, director of Promarine Finance, said: “It’s great to see such consistent growth when reflecting on the last two years since the pandemic started. It’s clear there is a real trend of people choosing to live on vessels over traditional homes whether that’s due to the rising cost of living, a way to get on the housing ladder or simply as an alternative lifestyle. 

“We are the only company financing liveaboards and I think a big part of our growth is our willingness to offer early settlements without penalty which offers true flexibility.”

Stuart continues: “Marine finance is a simple way to obtain something valuable and spread the cost across monthly payments that suit you, so that it becomes affordable. Younger buyers want to get on the property ladder and boat ownership is a practical and affordable alternative to renting. We want to help people get the right boat, without the cost being the most defining factor.”

Find out more.

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.