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Asking for my son here.
Is it mission impossible?
You might have to pay a floating charge.
Lol, sod off you.😁
Sodding off boss, sodding off.
Marine mortgages certainly used to be a thing.
Not impossible, but probably need a good deposit and will pay a "high" interest rate compared to a bricks an mortar mortgage.
Cheers scruff, sound entirely playable from the little I know.👍
Check for damp
I looked into this a while ago, there used to be a marine mortgage, not sure if it still exists now, maybe the product has been withdrawn, or they require additional guarantee such as a house.
Easier to get a bank loan and buy a cheaper boat.
Thanks guys, definitely only at the proof of concept stage.
They are priced out of a conventional home so exploring even the most obscure options.
Yep, they're a thing, the rates are more like a personal loan though, and often require a guarantee of some sort as the asset isn't very appealing (illiquid, and liable to sink, catch fire, get turfed off a morning, or any number of fates that houses don't generally suffer).
I looked into a wide-beam when I was younger and single. Concluded it was financial suicide. Over ~10 years the monthly repayments were about the same as the 25yr mortgage on a flat. After 10 years it wouldn't be worth what I paid for it and the flat would likely have doubled in value so I'd actually be further from homeownership than ever. And that's before moorings, maintenance etc.
There were definite advantages to living on a boat, but the finances weren't one of them.
No central heating, thus generally cold and damp in winter. For winter warmth, generally a requirement to keep a log burner going (and thus not at night or when away from the boat - always coming home to a cold boat in winter) - No proper plumbing, so stuck with Cassette toilets or needing to get them pumped out, inconveniently frequently. Poor security, so you cant really have nice things. (guitars/hi-fi ect) & High maintenance, insurance and berting costs - often poor berth security of tenure. Many rivers have a time limited allowance for mooring - ie must move every 2 weeks - And given most moorings are usually some distance from a road or convenient parking, even going shopping then having to carry goods several hundred yards, or a night out becomes a logistic nightmare. Then consider owning a car and the remote chance of having it parked anywhere near where you're presently moored, especially with say London parking restrictions and "residence permits" is a disaster waiting to happen. Worse if you have kids and need to get them to a specific school on time.
I looked into it. Very briefly. I continued to rent. Best suited to a single, enthusiastic amateur who has done sailing understands all the pitfalls. Its really really not a clever cheap way into home ownership. Oh, and your asset generally only decreases in value, unlike bricks and mortar.
Have at it guys. I'm just thinking it's a no go.
Looks lovely
It kind of does, I agree.... But wooden hull coated in fiberglass. No idea if that's a total bodge or total sense?
Probably moot as I suspect it just isn't viable. It does sadden me that my lad (and girlfriend/baby) are having to look into such odd options as a conventional property is unviable at the moment in the SE.
Done get me wrong, their position is still a billion miles better then many of their ege. They still have a job at the moment for a start.
Looks lovely but;
Externally, Filande has been completely repainted, and fibre glassed to just above the water line
Run away. Glassing a wooden boat externally in grp traps in moisture and almost guarantees it to rot out. Fairly well-documented and debunked bodge.
I'd personally love a wooden boat, but appreciate i don't have the time to dedicate (I'd rather be sailing). A wooden boat of tbat size, even if it weren't bodged, would be a part time job time equivalent just on maintenance.
If looking at big old motorboats, stick to GRP
I have a real sinking feeling about this, cant help but think he will get himself into deep water.
Sorry
conventional property is unviable at the moment in the SE.
There’s an obvious solution to this....
It does sadden me that my lad (and girlfriend/baby) are having to look into such odd options as a conventional property is unviable at the moment in the SE.
With a pg girlfriend, they would be better off looking into a share ownership flat. Essentially long term secure rental with some exposure to the housing market. There are obvious downsides - you own [30%] but pay 100% of the service charge and any improvements like new kitchen. When you sell have to sell thru the HA approved buyers first so the process is harder. Have to pay for valuations if you want to stair case up etc
Benefits are long term secure home where you aren't at the mercy of a commercial landlord. The rental and service charge portions are fixed by how much they can go up.
Huge negative at the moment - the cladding nightmare - you need a block that is low enough or old enough not to be caught by this.
Although saying that, two friends got a house boat last year. They do the continuous river cruising thing in London. To me, it looks like a huge pain in the backside - but they seem to like it. No child though!!!
They took out a personal loan from the bank on a 24 month term. Only after paying that back will they be able to save any money, and also obvs they used savings to buy the boat. They seem to think it makes financial sense, I can't see it. The boat is a depreciating asset.
Boats are expensive to maintain. And you can buy a house in the Midlands for that....
Change location? Lots of people move out of the south east once families come along.
I have an ex-colleague who lives on a narrow boat. It is a constant life of roaming to find moorings and finding new cycle routes around London / tube stations in to London. It suits him, he is a total hippy, but is by his own admission an pain. It's cheaper than a house, but not as cheap as it first appears.
Yes as a few posters have said, it makes little financial sense to live on a boat as opposed to relocating somewhere cheaper. It's just bloody expensive unless you really slum it.
Some people just prefer to live on the waterways; I find them to be a great bunch overall, I have a good friend in his 80s still going strong on his boat with his wife in the midlands. They actually disliked living on land, they are very self sufficient and like being in nature on the water, and the sense of community.
I've been on lots of narrowboats but only in the summer, I think winter boating - even in a marina - would be a challenge.
It's not just the price of the boat, it's the mooring fees aswell assuming they'd want to park it somewhere semi permenant.
There seems to be quite a few flats in the area for not much more, and I expect a few more bills with a boat. I wouldn't be looking at boat unless it was actually what they wanted. Can you extend your mortgage a bit to chip in? You should get a better rate. I appreciate that doesn't work if you are already stretched and it add complications to the deal so would need serious thought. If they buy well it should be a good investment as well as a home.
I looked at this several years ago and with the price of the monthly mooorings, unless you want to be moving up and down the canal every two weeks, the cost works out about the same as monthly rent/mortgage for a two bed flat here in West Berkshire. The main difference being the amount of maintenance work required to keep the boat in good condition plus the logistical nightmare mentioned above of getting stuff to and from the boat which could be half a mile or more up the towpath, and then getting back and forth to a parked car if you have one. Limited space for storage of decent bike & kit and bike maintenance space were also a factor. I think the house boat lifestyle suits people who spend the majority of their time on the boat, not having to go out to work everyday, or spending weekends away.
On the mooring side, probably better to find a marina on the coast which turns a blind eye to liveaboards - I know Oban marina (I know wrong part of country for you) had a small community of liveaboards. Similarly Brighton used to be known for having a lax policy of allowing liveaboards. Ask outright if they accept liveaboards, you will get a resounding "no" though. So basically "tenuous"
The cost is a definite eye opening thing - doing a quick quote for a Brighton berth for a 67ft boat( the one in your link) is £11k Per year. That's obviously on top of not inconsiderable maintenance and paying off the loan. All on a depreciating asset.
Part of me wished I done it (on a much smaller & cheaper boat) as a student instead of living in 6 month HMO student flats, as I recon the conditions would be broadly on par. But in an attempt to live a normal life, with a young family? Sorry, no. I'd only do it as per Sailing la Vagabond/ Delos i.e constantly & comfortably travel & swan around the tropics on a nice yacht.
They took out a personal loan from the bank on a 24 month term. Only after paying that back will they be able to save any money, and also obvs they used savings to buy the boat. They seem to think it makes financial sense, I can’t see it. The boat is a depreciating asset.
Suppose London is an extreme case, it's all very well a flat not being a depreciating asset, but if you can't afford a nice flat you may as well have a nice boat for a few years before you move out somewhere cheaper.
Run away. Glassing a wooden boat externally in grp traps in moisture and almost guarantees it to rot out. Fairly well-documented and debunked bodge.
It can work. After all, a lot of fiberglass yachts are balsa cored. And a lot of wooden yachts are sheathed in fiberglass. But yea, it's also got the potential to be a last-ditch cheap(er than a full rebuild) bodge. I suppose at least on a houseboat if you can keep the bilge dry and the heating on the wood inside will breathe and dry out.
Best example of a positive boat purchase I know of. A friend's son wanted to learn a trade, so his dad bought a sailaway widebeam boat. He then spent the next year teaching his son various skills (carpentry, plumping, etc) as they fitted out the boat.
The son now lives on the boat and works as a self employed carpenter.
Sailaways are always a cheap option as people often purchase a boat but then walk away or run out of cash to pay the boatbuilder.
It can work. After all, a lot of fiberglass yachts are balsa cored
Apples an oranges really. Balsa core is seldom used below the water line but predominantly on the deck. There is also a world of difference between using balsa core or as with RM range ply sheathed in epoxy. These have been encased from the outset in the factory and so totally dry. Result is a super stiff and light hull.
Compare that to a wooden boat which has been sat in the water for >20years absorbing water and leaking as all wooden boats do. Its then hauled out and a fiberglass outer skin slapped on. It'll stop leaks right enough so all seems fine. However all the moisture in the wood is still there, with nowhere to go but rot the hull.
Too much painting and maintenance for me.
Everything on a boat has to be painted. (Well apart from windows obvs)
Life is too short for that malarky.
I'm probably more positive about it than most here - but I still see the downsides, and I'm not sure this is a great reason to do it...
They are priced out of a conventional home so exploring even the most obscure options.
Its shit that people have to move away from their local area to afford a house. It doesn't just happen in the SE, it happens in nice areas around the country and in pretty rural areas too. On the other hand if you can deal with the extra work (and maintenance cost) of a floating home that almost certainly isn't in the prettiest bit of town, you can surely buy some doer upper flat in a crap bit of town too. For the deposit on a marine mortgage on that very nice houseboat you'd get a 2 bed flat in Greenock: https://www.zoopla.co.uk/for-sale/details/57230720?search_identifier=2619494d31b62fd6241dc40df4f63cce or Cumnock: https://www.zoopla.co.uk/for-sale/details/57192368?search_identifier=272f7a3f1742d5cdb5728527eb75997c
But I think the question I'd be asking in their shoes - is, if the SE isn't paying enough to give you a decent life in the SE, why would I stay there. Now with a wee one on the way it may be that family support really matters; but I'd also be looking at nursery costs etc.
No central heating, thus generally cold and damp in winter. For winter warmth, generally a requirement to keep a log burner going (and thus not at night or when away from the boat – always coming home to a cold boat in winter) – No proper plumbing, so stuck with Cassette toilets or needing to get them pumped out, inconveniently frequently. Poor security, so you cant really have nice things. (guitars/hi-fi ect) & High maintenance, insurance and berting costs – often poor berth security of tenure. Many rivers have a time limited allowance for mooring – ie must move every 2 weeks – And given most moorings are usually some distance from a road or convenient parking, even going shopping then having to carry goods several hundred yards, or a night out becomes a logistic nightmare. Then consider owning a car and the remote chance of having it parked anywhere near where you’re presently moored, especially with say London parking restrictions and “residence permits” is a disaster waiting to happen. Worse if you have kids and need to get them to a specific school on time.
Central heating is increasingly common - although it will be expensive to run, you are heating a small space. I'd say anyone looking at "houseboat" is probably looking at permanent mooring rather that living on a boat. I think there's a subtle distinction. I don't know if this is true or not, but I was told there's no council tax on the local canal moorings (that may be wrong or maybe they aren't officially living there - although they do!), my council tax and property service charge are actually about the same as a mooring (albeit I get more comfort!). If it is inner city, then I think increasingly the young are less obsessed with cars and more open to car sharing clubs etc. which overcome many of the issues with parking. I can't see any reason why they have to be fundamentally insecure.
They took out a personal loan from the bank on a 24 month term. Only after paying that back will they be able to save any money, and also obvs they used savings to buy the boat. They seem to think it makes financial sense, I can’t see it. The boat is a depreciating asset.
I think many people would say that if you could plough some savings and a 2 year bank loan into something which you can live on that makes a lot of sense - even if its a depreciating asset. Compared to the same savings and 25 yrs mortgage for something we only assume is an appreciating asset its not totally bonkers.
It can work. After all, a lot of fiberglass yachts are balsa cored. And a lot of wooden yachts are sheathed in fiberglass. But yea, it’s also got the potential to be a last-ditch cheap(er than a full rebuild) bodge.
mmm, but that one is only done to the waterline level which is odd (although I think you could argue that the bit below the water line can't breathe anyway). However there are marine surveyors who will help avoid buying a disaster.
This chap had a series on BBC a few years ago, it may still be available on i-player. He has a yt channel and most definitely doesn't glamorise houseboat living. This title caught my eye, it's only short but may help give some insight as will other vids he's done.
a few things jump out on that ad: -
1. "The houseboat is freehold and the residential mooring is leasehold" is clearly attempting to bullshit the gullible by making out buying an old boat is the same as buying a house
2. "Very strongly built and designed for sea conditions" - not from what we can see of the structure and hull fittings. might not be important as a house boat, but its another outright lie by the seller
3. no mention of the terms of the mooring or if its available. i expect it'll be more than the payments on a £100k loan
4. the 70's were not a high point of "classic motor yachts"
5. it seems to retain no "classic motor yacht" features so i would suspect it never had them and is in fact a cheap riverboat
6. the conversion has clearly been done on the cheap - its just been filled with cheap domestic stuff and if the central heating is any cop, why is there a calor gas fire under the saloon table
7. because of the above, i'd eat my lifejacket if the "dry dock refit" (sounds impressive doesn't it) wasn't a massive bodge on a rotten old hulk and they're chancing their arm trying to sell to someone that will be desperate and wont get a marine survey.
£100k can and will buy a nice 40+ foot fiberglass production sailing yacht built in the past 20 years which would be fairly risk free to own, but as a low cost place to live, i just dont think its a thing
28 years ago straight out of university i was working and renting a room in Chester... lad in work suggested buying a boat and mooring it at Heswall (free as put own mooring in) bought a steel 27ft yacht for £7k lived on it for a couple of blissful years before selling it on at a profit... cheap as chips to run as put a wood burner in .... gas bottle seemed to last forever! Nothing beats the feeling of waking up to the gentle rocking of a boat... absolutely loved it sold as moved in with girlfriend later wife.... in retrospect should have stayed on boat😉
Nothing beats the feeling of waking up to the gentle rocking of a boat…
Did your boat-mate have a girlfriend...?
There's little seaworthy about the interior of that boat - the slightest swell and everything on the table would be on the floor. I wouldn't put any serious money into a big wooden boat unless it had been out the water with lots of evidence to show there was no soft wood and any issues dealt with - putting it into dry dock and saying its OK isn't quite the same. When I was a student I used to spend months living and sailing on old wooden boats - but I'm not sure I'd want to do it now though.
Matt_outandabout.... he didn't funnily enough 😉 he'd lived on a 21ft yacht after splitting with his Mrs.... he bought the boat off me, let his house and sailed off round the world!
Lived on a narrow boat for three years. Never again. For all the reason previously mentioned and numerous other ones related to boat life.
Poopscoop - has your son considered mobile home or caravan, my son and family have just moved from rented first floor flat to a mobile home on a farm in an expensive part of the SE, tough at this time of year but way better than a boat for sure.