Published on: 28 October 2021
Leading marine finance lender, Promarine Finance has seen a 45 per cent growth in Q3 2021 compared to the same period last year.
Promarine Finance offers fixed rate marine mortgages for all types of leisure vessels including new and used RIBs, motorboats, sailing yachts and canal boats over periods of 2-10 years where the finance is secured against the vessel. It can offer finance from £5,000-£500,000 with flexible repayment terms allowing customers to make extra payments or to settle at any time without penalty.
One of the strongest growth areas is in the canal boat sector. The number of deals for this period showed a 93 per cent year-on-year increase, demonstrating the popularity of those choosing a liveaboard vessel as their home. This is a trend that is showing no signs of slowing down.
Stuart Austin, director of Promarine Finance, said: “I’m delighted to see consistent growth in Q3 and over the last 12 months as a whole. We’re providing finance on all types of deals from Saxdor 320s through to Elan 45s. We’re seeing younger people making purchases, whether entering to get into boating or looking for a way onto the ‘housing ladder’. This period of growth has coincided with a very successful Southampton International Boat Show where we met with new and existing customers.
“In 2020 we saw in the demand for boat finance for liveaboard vessels which demonstrated how behaviours were changing during the pandemic. However, this has continued to increase and shows what could be seen as a permanent shift towards liveaboard living. July 2021 saw an incredible increase of 250 per cent growth compared with July 2020 and September saw a 100 per cent increase compared with September 2020.
“Although some people were purchasing boats in 2020 for leisure due to not being able to go on holiday abroad, it’s the popularity of people wanting liveaboard vessels for residential use which is really accelerating. We’re now seeing buyers purchase liveaboard vessels across the country, and not just in city centres, as an alternative and more cost-effective way of living.
“We are also the only company financing liveaboards. I think a big part of our growth is our willingness to offer early settlements without penalty, which offers true flexibility.”
Stuart summarises: “Marine finance is a simple way to obtain something valuable and spread the cost across monthly payments that suit you, so that it becomes affordable. Younger buyers want to get on the property ladder and boat ownership is a practical and affordable alternative to renting. We want to help people get the right boat, without the cost being the most defining factor.”
For more information on marine finance visit Promarine’s website