Leading marine finance lender, Promarine Finance has seen a staggering 300% year-on-year increase in the number of canal boat finance deals in February 2021 and 56% growth in terms of the loan amount for the same period.
Promarine believes this growth can be attributed to a growing demand for people looking to change lifestyle and living arrangements following stringent lockdown measures.
Promarine Finance offers fixed and variable rate marine mortgages for new and used RIBs, motorboats, sailing yachts and canal boats over periods of a few months to 10 years. Canal boat finance has remained consistently strong since 2019 as Promarine has been the only lender financing liveaboards since March 2020.
Stuart Austin, Director of Promarine Finance, comments: “Since Boris’ speech we have received a surge in demand for canal boat finance compared to the same period in 2020. Our enquiries have also seen a 130% year on year increase, a very positive indicator for a shift in the market.
“This highlights the growth in canal boating in the UK and indicates that boat ownership is still popular in the current climate. As a result of COVID-19, we know more people are opting to holiday in the UK and spend their leisure time on the water – a trend that began in 2020 and will continue through 2021. Conversations with new customers have highlighted a wave of COVID-fatigue and people wanting to realise their aspirations of boat buying without any further delay including many opting to switch from living on land, to living on the water.”
Promarine Finance will be attending the upcoming Crick Virtual Boat show from 24-28th March and welcomes attendees to join them for 1-2-1s over the weekend, providing a great opportunity to discuss finance and options.