On Schedule !

Paying For It

We hadn't any significant savings to speak of. At least, nothing that it was financially worth getting access to at the time. Retirement is, hopefully, not too far away and our mortgage was, effectively, paid up. Our idea was to take out a loan, repay what we could whilst we still had earned income and then commute part of my pension into a lump sump to pay off the balance. We hoped to get a large proportion of the lump sum back when we sold the boat and we'd have the benefit of the boat in the mean time. Finding the money we wanted shouldn't be too difficult - we thought.

We scanned the web and didn't like the look of the interest rates. We looked through the magazines and spoke to a couple of advertisers. We didn't like their interest rates either. We'd more or less been forced to look at unsecured loans but did find one or two secured loans, but the interest rates were higher than we thought we could get.

We began to look at offset mortgages and found one company that would at least talk to us. However, their computer system wasn't up to much. Their system refused to play ball when we explained that we wanted to drip feed the money out and that we had £10 outstanding on our mortgage because the present lender was holding the deeds for us. After several attempts and an unfulfilled promise to call us back the following day, we gave up.

We looked at other companies offering offset mortgages and found that one was our own bank. We went to see them the next time we were passing. To cut a very short story even shorter, we were more or less offered the money there and then. Within a few days we'd completed the paper work and within a few more days we actually had the money in the bank. It couldn't have been easier. True, the house is at risk but we're reasonably confident that no matter what happens, we can address any problems that arise. The same solution may not be as practicable for a younger couple and / or one with their house still heavily mortgaged.

As soon as we were basically assured of getting the funding, we placed the order for our boat.

The first draft of this page ended here but then we had a thought. We haven't mentioned cost. What follows probably isn't for people of a nervous disposition and should probably be read whilst sitting down! So how much will all this cost?

If we say that we saw an advert advertising a fully fitted boat at £1200 per foot - can we still use imperial measurements? - this should give an idea of the kind of money involved when it is remembered that we have a 57ft boat. Our sailaway is costing us a little over £500 per foot, but that includes engine fitted and working, ballast, spray foam insulation and a couple of coats of primer. There will also be seven windows, plus the obligatory vents and doors.

On top of these basic costs we have to allow for the fit-out. We're not skilled crafts people but we plan to do our best. Our estimate for fitting out is around £20,000. We may well have saved on labour but we have to pay retail prices for everything that we buy. We could save some money by painting the boat ourselves but we've decided that most people will see just the outside so we'd better make it look good and have employed a professional.

On top of these costs we have to pay for mooring, a licence and insurance - another £3,500 per year at 2006 prices - and that's before we move the boat. You then have to factor in a few other running expenses. Replacement batteries and slipping / blacking every two to four years. You'll need a survey under the Boat Safety Scheme, which has to be renewed every four years and a repaint probably isn't out of the question if you intend to keep the boat for several years - we've had one estimate of £45 per foot for painting, again at 2006 prices.

One final tip. Make sure that you have a mooring before you place the order for your boat. Fitting out on the towpath isn't likely to go down to well with your neighbours and British Waterways aren't very happy if you stay in one place for more than 14 days.

If all this hasn't put you off, you're ready to place your order so read on.

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