Head of Content
Mortgage Advisor & Director
Can I get a mortgage on a houseboat?
Living on a houseboat can bring several benefits.
While experiencing a different lifestyle, you can feasibly live in expensive postcodes without the cost of bricks and mortar home while paying zero stamp duty. Houseboats can be a real living option for many, including those seeking out affordable accommodation. Since the introduction of the higher rate of stamp duty on second homes in 2016, many are considering houseboats as holiday homes too.
As well as practical considerations, there are specific factors when applying for a mortgage on a houseboat.
You will need a specialist lender to secure a mortgage on a houseboat.
Many lenders will not consider houseboats as they cannot be registered with Land Registry, meaning they are moveable and could sail away along with their investment.
Will I need residential mooring for a houseboat?
There are two options available when you live on a houseboat; 'residential mooring' or 'continuously cruising'.
If you do not have a residential mooring, you'll need to move your houseboat every 14 days. Residential moorings can be expensive and difficult to secure, especially in popular areas. If a residential mooring lifestyle is essential to you, it would be worth confirming you can get a slot before you go ahead with your mortgage application.
How can I get a mortgage on a houseboat?
There are specialist marine lenders who will consider a mortgage on a houseboat.
These mortgages will typically require a larger deposit in the region of 25% and have generally higher interest rates than are offered on bricks and mortar property. You can also expect shorter repayment terms.
As houseboat mortgages are specialist mortgage products, it is recommended that you seek out a mortgage broker to negotiate the deal.
At Teito, we are an independent broker with whole-of-market access, get in touch with one of our experienced advisors to learn more or complete our simple online form to start the process today.
How can I learn more?
Our whole-of-market mortgage broker service means we can access deals that are not available to the general public. We have relationships with specialist lenders that can help you with your houseboat mortgage.
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Choosing an Adviser
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Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.
