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Marine Finance Barclays

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					Inland waterways


Marine
Finance
Marine finance made easy
Barclays Marine Finance is a division of Barclays Bank       We offer a tailored and flexible approach, so that each facility
PLC, offering specialist mortgages for narrowboats or        can be individually structured to meet your requirements.

small fitted-out Dutch barges.                               From start to completion, members of our dedicated team of
                                                             inland waterway specialists will advise and guide you through
Every year we receive a growing number of requests for the   the whole process. We can also help in a number of other areas,
provision of finance through dedicated Marine Mortgages.     such as survey and title.
The demand for our services from purchasers, vendors and
brokers alike has earned us an outstanding reputation for    To take advantage of everything we offer, you don’t even have
commitment, flexibility and personal service.                to be an existing Barclays customer.
Some questions answered
What type of survey do I need?                                     Do you provide mortgages on Sailaway boats?
To underwrite the mortgage for any narrowboat or barge we’re       We will consider Sailaway vessels, but they do need to be in a
generally happy with an in-water survey. An out-of-water           fairly advanced stage of build to offer us satisfactory security.
survey may also be acceptable. But, we do find that for vessels    As a guide, the boat must be insulated and lined internally, with
over 15 to 20 years old, the marine insurance provider will only   engine, tanks and heating installed. Electrics must also be in
insure the boat with an out-of-water survey. So, if you’re         place, with the hull fully painted and all vents, windows and
looking to buy an older vessel ask your marine insurance           doors fitted. Externally, the vessel must also look complete,
company which survey they require before you instruct your         with only internal bulkheads, fixtures and fittings to be
surveyor.                                                          installed.


Can you make staged payments to the builder while my boat          Can I live aboard my boat?
is being built?                                                    We can provide mortgages for narrowboats or small barges for
Yes, we will consider staged payment requests, subject to a        use as a main residence. To complete a purchase and release
minimum total advance of £30,000. We’re generally able to          the money to your vendor, we first need confirmation that you
consider a maximum of five tranches within the stage               have permanent moorings for at least 12 months.
payment contract total.
                                                                   Do you consider converted barges for Marine Mortgages?
                                                                   Yes, we can consider some barges, even though each barge can
                                                                   be of a unique nature.

                                                                   We first recommend you call us to discuss your vessel, so that
                                                                   we can advise you if we’re able to consider it. If the vessel is
                                                                   advertised for sale on the internet please let us know, and we’ll
                                                                   view it online. With this information – subject to a successful
                                                                   mortgage application – we’re normally able to give you a quick
                                                                   decision as to whether your chosen vessel will be satisfactory
                                                                   security for your mortgage.
A simple and flexible service
There are no limits to the amount we can lend, as long as      Interest rates and fees depend on the size and purpose of the
the loan is for not more than 80% of the valuation or cost     loan, so we’ll need to determine vessel specifications before we
of the vessel (whichever is lower). The minimum advance        can confirm these.
we will consider is £30,000, and we can offer repayment        The vessel is taken as our primary security by way of
over a term of up to 10 years.                                 a Marine Mortgage.

In most cases, we recommend an even-spread mortgage. This      Early repayments in full or periodic lump sums can be made at
provides the convenience of regular, fixed monthly repayment   any time, without penalty, but cash injections may not be
amounts, regardless of interest rate fluctuations.             redrawn.

                                                               To reduce your initial expense, any administrative charges can
                                                               be added to the loan account.




A straightforward approval process
For us to assess your application we first need                We may ask you to register your Marine Mortgage at a
you to provide formal confirmation of your income              Shipping Registry approved by us. In the majority of cases, a
and expenditure.                                               survey and valuation is also compulsory for used vessels.

                                                               It is vital you insure your boat and we require you to use a
Once we have all the necessary information we can normally
                                                               recognised marine insurance company.
make a formal, no-obligation offer within 48 hours.
To make an application or for an informal discussion and
objective advice, please contact the Barclays Marine Team.

Barclays Marine Finance
Offices 3 and 4, 1st Floor
Chandlery Building
Hamble Point Marina
School Lane
Hamble
Southampton
Hampshire
SO31 4NB
UK.

Tel: +44 (0)23 8045 6298
Fax: +44 (0)23 8045 6302

Email: marine.finance@marinefinance.barclays.com
Web: www.barclays.co.uk/marinefinance




The Banking Code and Data Protection Act
Barclays is committed to The Banking Code, which sets out the governing principles of a bank's dealings with its customers. As such we ensure that our products
and services comply with the terms of the code. You can obtain a free copy of The Banking Code by phoning the Barclays Information Line free on 0800 400 100.
The Banking Code does not apply to personal customers of branches in the Channel Islands or the Isle of Man.
Under the Data Protection Act you have a right of access to your personal records. Should you wish to exercise this right please write to the Data Protection Team,
Barclays Bank PLC, Knutsford, Cheshire WA16 9EU, quoting ref. APP99. A fee will be charged for this service. Barclays Bank PLC is covered by the Financial Ombudsman
Service (UK branches only).

Your feedback
We want to hear from you if you feel unhappy with the service you have received from us. Letting us know your concerns gives us the opportunity to put matters right for
you and improve our service to all of our customers. Should you have cause to complain about any of our products or services, please contact the office or department
with whom you have been dealing. Calls may be monitored and/or recorded for security and training purposes. Barclays Marine Finance is a division of Barclays Bank PLC.
Barclays Bank PLC. Registered in England. Registered No: 1026167. Registered Office: 1 Churchill Place, London E14 5HP.
13362FM. Created 08/06. Inland Waterways Version.

				
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