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.
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