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How to get a boat mortgage on a canal or liveaboard boat

As the cost of ‘bricks and mortar’ homes in the UK continues to rise, the appeal of alternative living becomes clear.

In fact, more than 15,000 people are thought to live permanently on the UK’s rivers, canals and coastlines. And, with significant international travel bans during the COVID-19 pandemic, vacationing in the UK has been a viable option for holiday-makers all over the country. Whether it’s for a permanent residence or a weekend getaway, now is a great time to purchase a canal or narrowboat. But, how is a boat mortgage made possible?

Can I get a mortgage on a boat?

While a canal or narrowboat isn’t necessarily a traditional property with a fixed address, it is possible to get a mortgage from a specialist lender. As with any mortgage or loan, there are a number of criteria that must be met. This will include:

  • Monthly income
  • Buyer’s requirements
  • Credit Report
  • Deposit
  • Satisfactory boat survey and ownership history

To secure your boat mortgage, you have the choice of going to a traditional bank, or directly to a boat mortgage provider. Your lender will be able to tell you what you’re eligible to borrow — and a specialist marine finance provider will be able to give you advice and support specific to getting a mortgage for alternative living. You can download the Promarine Finance Boat Buying Guide for more information on making your boat purchase.

boat mortgage canal

Why Promarine Finance?

Promarine Finance makes getting a boat mortgage simple. Our personally tailored marine mortgages can meet your requirements — whether you have the cash to buy a boat outright, or want to keep some of your savings. Applications can be started online or over the phone by speaking with any one of our knowledgeable team.

Promarine Finance is one of the most well-established marine finance lenders in the market. With more than a decade of experience, we are one of just a few lenders that specialise in financing liveaboard vessels

So, now you know it can be done — why not find out if you’re eligible for marine finance? To find out more about our affordable boat mortgages, visit our website and get a quote.

Article by Promarine Finance