Hi all, I've enjoyed browsing these fora for a while and would like to gain the benefit of your experience, especially if you are from the UK.
I've owned a series of boats throughout my life from a 19 ft wooden dagger board sloop
, to a 40 ft GRP flybridge cruiser which the family
lived aboard for a year. My daughter took her first steps on the deck
in 2003. All bought cash. In 2005 I traded in my life for a medical
degree which was self financed and required the liquidation of our boat. I eventually ended up with a 18ft inshore boat and then was finally relegated to a 12 foot kayak
(don't knock it, unlimited range if you have the arms).
I graduated from medical school
in 2009 and now work as a Doctor (GP registrar) with a good income
. Attempting to rebuild
our lives we have started to look into a mortgage, given that we pay rent at nearly £1,000 per month. However, having to start back on the housing ladder we haven't been keen on any of the houses affordable. With this in mind, and our love of boats, my wife started to push towards buying
another live aboard boat on a marine
mortgage. This seemed the ideal solution for us. We could put our money
into something we would own, while preserving our love of sailing and travelling. Thus allowing us to rebuild
our equity ready for that retirement cruise
We reasoned we could easily afford £1,000 - £1,500 per month on repayments. With this is mind we looked at a budget
of around £100,000 - £150,000 for a 50 - 60ft ketch
. After finally seeing something we liked we approached marine financing
but were declined based on what they said was "fairness to the buyer". When I asked for clarification they explained that I was "going from nothing to something". I'm not 100% sure what that was supposed to mean but I feel it is likely because I had no home equity. I found this a little offensive as I hardly consider myself to be coming from nothing. I worked hard to get to my current
position, and my family
and I sacrificed a lot. Sadly we realised that without financing
our dream would be lost
. Even more sadly this left us with the choice of either continuing to waste my money
on rent, or buy a stater home. Neither of which seemed a move forward for us.
Researching the Internet
for a solution I came across "Seller Financing" which appears to be popular in the US, however I've seen none here in the UK. Does anyone have any experience of this in the UK? Does anyone have any other suggestions? In desperation we almost went the free boat route
, that is take on a free boat that would cost twice the cost to renovate that it would to buy. I swear I entertained this idea for almost 2 weeks until common sense prevailed.
Many thanks ... Fizz