Residential Marine Finance
Our Residential finance division is recognised as one of the leading sources of finance by many people within the industry. Our experience, gained over many years, is greater than many of our competitors and our service is second to none. Some of the reasons for choosing Collidge & Partners are: -
- Quick Decisions - usually within 24 hours
- No obligation to accept the facility offered
- Loan Terms - 2 yrs to 15 yrs
- All vessels must have a residential / permanent mooring agreement.
- Stage payment agreements available for the purchase of new craft through approved boatbuilders (BMIF contracts). Please enquire for full details.
- Vessel must be inland waterways based (Canals, rivers and estuaries) and be of an approved type.
- 10.2% Typical APR across our range of finance options
Whatever the type of residential boat you wish to purchase, be it narrow boat, Dutch barge or houseboat, we can help make the process plain sailing.
Collidge & Partners with over 20 years experience in inland waterways finance and insurance are able to offer a wide range of finance facilities for residential purposes through RoyScot Larch, a member of The Royal Bank of Scotland Group.
Flexible finance facilities
We arrange Inland Waterways Loans for sums in excess of £5,000 and can therefore provide the ideal means to buy the boat of your choice.
The maximum loan amount is 80% of the cost of the vessel and we can generally arrange loans over periods of up to twelve years although for larger loans for residential vessels this period can be extended to fifteen years.
For both residential users and leisure users alike we can arrange the option of either fixed interest rates, where the interest rate is fixed for the full term of the loan giving absolute peace of mind that your loan repayments will never increase, or a variable interest rate option.
Variable interest rates are linked to Finance House Base Rate (FHBR) which is variable. To help you budget, the monthly repayment remains fixed for the period of the loan unless you choose to increase it. Therefore if FHBR rises, the period of the loan may be extended and you may have to make more repayments. Likewise if FHBR reduces, your payments may finish earlier. With variable rate loans you can make lump sum repayments and settle the loan in full at any time.
Security may be required in respect of Inland Waterway Finance facilities. Please refer to 'Securing Your Loan' below for further details.
If you are buying a new vessel we will also consider arranging finance for the construction of the boat, normally called a Stage Payment Facility. We can give you help with preparing the contract for the construction of the vessel and can arrange for payments to be made to the boat-builder at pre-determined stages of the boats construction.
Our personnel will be happy to explain the features of our private pleasure and residential finance schemes over the telephone and will provide written quotations on request.
Securing your loan
For most boat purchases your Inland Waterways loan will need to be secured against the boat you purchase.
This will normally take the form of a Chattel Mortgage. For certain residential boat loans, most specifically where the boat does not have any engines such as a purpose-built houseboat or some Dutch barges, the Lender will ask you to sign a Conditional Sale Agreement under which the Lender will own the boat until you have made the required payments.
If the boat is used, evidence of history, value and condition may be required.
The vessel will need to be comprehensively insured and the interest of the Lender as the mortgagees noted on the policy. Quotations for most types of vessel can be provided.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER DEBT SECURED ON IT.
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Subject to Status. Guarantees may be requried.
Over 18's only.
The final step
To take advantage of our competitive Marine Finance facilities, please either a) contact us via the telephone (01843-295925) and we will be happy to send you a form or b) You may View/download a PDF version of the Application Form and Information on proof of Identity requirements and send it to us at the address below (to use this option you will need a copy of the Adobe Reader on your computer).
However, if you would like more information before proceeding, please contact Collidge & Partners for assistance. We are located at:
Tel: 01843-295925 Fax: 01843-290063
