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Ahoy There - Anyone For A House Boat?
As house prices tumble it could be time to think about going for a paddle. Whilst property values across the UK have fallen by over 20 per cent in the last 12 months, the prices of residential house boats have remained relatively buoyant.
There is a national shortage of moorings and plenty of demand so they are holding their values quite well. Prices so far are about 6 per cent off their peak.
There are two categories of house boat: the Dutch barge and narrow boat types which have a motor and can move around under their own power, and the static floating house boat which has to be towed if it has to move. Either way, they can be linked to a rental mooring or a freehold mooring at a marina and it is these mooring that are in such short supply so prices vary greatly according to demand.
The cost of a house boat depends on its specification so for example, you can start with a new 58 foot vessel at around 65,000 pounds and thereafter, the sky's the limit. You'll then need a licence from the water authority and British waterway charge around 800 pounds per year for a boat between 60 and 70 feet. You'll have to insure the boat and that will cost you more than insuring bricks and mortar. The boat will also have to be dry docked every five to seven years which will cost upwards of 2,000 pounds.
How can you finance your hose boat? Here is some basic information - Marine Mortgages - (These are secured on your house boat).
Marine mortgages are the only way to fund purchases of boats when the sums required exceed 25,000 pounds. There is no upper limits to the amount of money that can be borrowed the only limit is your ability to pay. Repayment periods vary dependant on lender, but they are always much shorter than bricks and mortar - usually between 2 and 10 years.
The marine mortgage would be secured against the house boat. In the event of you defaulting on your mortgage, the lender has legal title to your boat and it can be repossessed.
A deposit will be required, the norm being 20 per cent. In special circumstances, for example where the house boat is being bought significantly below open market valuation, it may be possible to negotiate a lower deposit although this is very rare.
Equalised Repayments - This is the most popular method of funding. The main feature is that your repayments remain fixed throughout the whole repayment period making budgeting easy. However, the underlying interest rate is variable with adjustments to the interest being made at the end of the mortgage either by a request for payment of additional interest or the refund of any overpayment.
Variable Rate Marine Mortgages - With these arrangements, interest is calculated on the outstanding daily balance. All variable rate marine mortgages allow overpayments which will reduce total interest you pay as the Standard variable mortgages. There are also no penalties for early settlement.
Because interest is calculated on the outstanding balance, any change in interest rate results in a change in the monthly payment. Therefore, they are not as easy to budget for.
Fixed Rate Marine Mortgages - Unlike residential fixed mortgages, which generally revert back to a variable rate after a period, marine fixed rate mortgages remain fixed for the entire period of the mortgage. On the downside, you cannot overpay your mortgage and there may be a minimum two or three month interest penalty on settlement.
Author Resource:-
Have you ever thought of buying a house boat instead of a normal house - however you may still need a Mortgage, visit Brokers Online for a great deal. Brokers Online also provides its UK clients with Debt Management, Mortgage Payment Protection Insurance and many more financial products.
While you purchase a home, you'll probably be making most significant purchases in your lifetime. Because buy a home is such a significant financial endeavor, you will have to keep in mind essential factors that go into shopping for a new home.
For most of us, buying a home is our biggest life investment. As a result of a new house being such a major purchase, you will have to consider all the important fundamentals about what is a must to do to buy a mortgage and get the appropriate mortgage you can afford.
Bottom line is that housing is much more affordable today than three years ago. This is causing downward pressure on inventory. Add to this that the pipe line is not being filled with new foreclosures as fast as it was even two years ago and you will see price appreciation.
It's not an easy decision to make as to whether you lease or purchase your business premises. Your company buildings such as offices, factories and warehouses may be your most expensive business venture, but they can also turn up to be the largest business investment too. It is therefore advisable to take some time to think over this huge decision.
My potential buyer was looking at the home with an eye to renovating it. She told me she would be buying this home without any financing. I almost said to her, "I can't not get you financing, you will have to buy it without something else." But I just smiled and told her that I felt sure this house would go quickly for cash. (most of our REO inventory sells for cash).
For the past three months Gail and I have been looking for a home to buy. Every few days I would check out new listings in the area we chose. We toured a few homes a week. We made an offer on a home on Wednesday. The offer was accepted. We still need to qualify for the mortgage and complete our home inspection, but I foresee no obstacles t a successful close
Here are the reasons we bought now...
During the current market environment, numerous people are looking for ways to save cash, and one avenue that is becoming very effective, is to benefit from refinancing mortgage. Home loan refinancing is basically exchanging an active loan deal and its connected interest rates with another mortgage.
Home loans help Canadians to pay for houses, cut back the interest rate on homes they currently have, and exploit otherwise abandoned house equity and invest the same into new start up. Minus the beneficial impact of mortgage loans, we might be compelled to buy our home with hard cash.
Mortgages facilitate Canadians to pay for homes, lower the rate of interest on homes they previously have, and tap otherwise untouched house equity and exploit it for home improvements. Devoid of the favorable influences of mortgage loans, it would have been compulsory to buy that home with money. Home mortgages are a lot more than mere property loans.
Home mortgages are a lot more than basic property loans. With the help of refinancing, you will be able to benefit from better rate of interest, longer or shorter pay off time, or save for old age! With the help of a home equity line of credit, you can consider that spare funds for those unpredicted emergencies which come about.
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