narrowboat Archives - Promarine Finance

Promarine Finance introduces variable rate marine mortgages to combat increasing interest rates

In a bid to continue to offer affordable marine mortgages during the ongoing cost of living crisis in the UK, Promarine Finance has introduced a new repayment plan.

Since its launch in 2010, Promarine Finance has been offering fixed-rate marine mortgages to customers all over the UK. These affordable loans, usually spanning 10 years and occasionally a little longer for new-build boats, help boat lovers purchase the vessel of their dreams.

As the ongoing cost of living crisis continues to impact businesses and individuals, boat lovers and marine mortgage lenders like ourselves are among those affected by increasing interest rates, vessel value, and additional boating costs.

Whether you have been saving for the boat of your dreams or want to get on the property ladder via a liveaboard, a marine mortgage enables you to put down a deposit and pay back a monthly loan, while being able to make the most of your new purchase.
Recently the UK’s Bank Rate, which determines the interest rate and influences bank charges, has seen a substantial increase. So what does this mean for boat buyers and all types of lenders?

Fixed rate vs variable rate

Typically, a fixed interest rate marine mortgage gives customers peace of mind, providing a known monthly budget and Promarine add a benefit of a ‘no penalty’ early settlement option. While interest rates are volatile, lenders offering fixed rate loans must factor in potential future increases to interest rates.

Variable rates, on the other hand, operate in a similar way to traditional house mortgages. When interest rates rise, so does your repayment as a result. This can be challenging for customers as they have little control over the cost of their monthly payments.

Both have their advantages and disadvantages. So, we have come up with a solution.

Promarine Finance’s variable rate repayment solution

Promarine Finance is introducing a new variable rate repayment option for buyers that enables us to price without the interest rate risk. Instead of increasing the monthly repayment, we will increase the repayment period. In turn, customers can stay on top of their monthly payments, and when interest rates are lowered, the repayment period is reduced.

Variable rates are quoted on all loans over £50k.

With each variable rate offer, Promarine Finance will also quote for a fixed rate option. Our standard no penalty for early settlement still applies on our variable rate deals and at the outset you can choose whether to change the payment or the term.

Promarine Finance is a leading provider of marine finance. To find out if you’re eligible, get a quote today.

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 to attend Crick Boat Show 2023

The Promarine Finance team is thrilled to announce its attendance at this year’s Crick Boat Show, taking place from 27-29 May 2023 at Crick Marina, Northampton.

Britain’s largest inland waterways festival is set to return with a bang, featuring a number of exciting exhibitors, seminars and boat handling sessions, and entertainment for everyone.

For three days, the exhibition transforms into Britain’s largest chandlery as over 260 exhibitors bring together the full range of inland boating supplies and equipment.

If you’re visiting the show, come and speak to the Promarine Finance team, where they will be offering advice and finance for inland boats, liveaboards and ocean going boats.

Stuart Austin, Director of Promarine Finance, says: “The team and I are excited for another year exhibiting a Crick Boat Show. It’s a great show to be attending with lots of variety going on, and a good opportunity to meet with new and familiar faces.

“We’re passionate about helping more people get out on the water with our marine finance services and connecting them with the boat of their dreams in the most affordable way.”

Whether a previous boat owner, a current boat owner, or a novice, we’re here to help. Come and say hello!

Promarine Finance is a leading provider of marine finance. To find out if you’re eligible, get a quote today.

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.

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?

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