Growth fuelled by demand for liveaboard boats

MARINE finance lender Promarine Finance has seen a 45% growth in the third quarter of 2021 compared with the same period in 2020.

One of the strongest growth areas is in the canal boat sector with the number of deals for this period showing a 93% year-on-year increase demonstrating the popularity of choosing a liveaboard vessel as a home, a trend that is showing no signs of slowing down.

Director Stuart Austin said: “We’re seeing more and more younger people making purchases, whether those entering the market and only just getting into boating and those looking for a way on to the ‘housing ladder’.”

The demand for boat finance for liveaboard vessels had demonstrated how behaviours were changing during the pandemic. He continued: “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% compared with July 2020 and September saw a 100% 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.”

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 two to 10 years where the finance is secured against the vessel.

It can offer finance from £5000-£500,000 with flexible repayment terms allowing customers to make extra payments or to settle at any time without penalty.