Odd circumstance for BTL application
Discussion
A bit of a leftfield circumstance and question but any help would be appreciated...
I'm in my mid-30s and have a (mortgaged) home with a healthy amount of equity in it. For a few years now I've considered wanting to live on a narrowboat full time - I know, not exactly very 'Pistonheads' is it. I've scrimped, saved and sold off lots of needless stuff recently, and with the addition of an unsecured loan I'm in a position to go and do it. The places I'm looking to moor the boat full time will not allow their marina address to be used as a residential address, although they do allow boaters to stay there 24/7 but that's another story.
I've recently remortgaged on a 5 year deal and having spoken to them they're happy to provide a consent to let. So all's well there.
Thinking ahead, I'm concerned about things 5 years down the line or maybe even sooner depending on the responses.
Car insurance is easy enough having read and gotten advice from others who liveaboard a boat full time.
But when it comes to remortgaging time I'll no doubt be asked to provide proof of X, Y and Z. And that's where there's potentially a problem. Am I going to be classed as no fixed abode? If I were to change the address for banking etc to a family member's address is it passable? Even in doing this I won't have a utility or council tax bill for said address, so maybe it's pointless?
I'm conscious I'm heading down a path that'd lead to big problems. I'd much rather front the problem now rather than bury my head and not rest easy for the next few years.
Thanks,
I'm in my mid-30s and have a (mortgaged) home with a healthy amount of equity in it. For a few years now I've considered wanting to live on a narrowboat full time - I know, not exactly very 'Pistonheads' is it. I've scrimped, saved and sold off lots of needless stuff recently, and with the addition of an unsecured loan I'm in a position to go and do it. The places I'm looking to moor the boat full time will not allow their marina address to be used as a residential address, although they do allow boaters to stay there 24/7 but that's another story.
I've recently remortgaged on a 5 year deal and having spoken to them they're happy to provide a consent to let. So all's well there.
Thinking ahead, I'm concerned about things 5 years down the line or maybe even sooner depending on the responses.
Car insurance is easy enough having read and gotten advice from others who liveaboard a boat full time.
But when it comes to remortgaging time I'll no doubt be asked to provide proof of X, Y and Z. And that's where there's potentially a problem. Am I going to be classed as no fixed abode? If I were to change the address for banking etc to a family member's address is it passable? Even in doing this I won't have a utility or council tax bill for said address, so maybe it's pointless?
I'm conscious I'm heading down a path that'd lead to big problems. I'd much rather front the problem now rather than bury my head and not rest easy for the next few years.
Thanks,
thenortherner said:
A bit of a leftfield circumstance and question but any help would be appreciated...
I'm in my mid-30s and have a (mortgaged) home with a healthy amount of equity in it. For a few years now I've considered wanting to live on a narrowboat full time - I know, not exactly very 'Pistonheads' is it. I've scrimped, saved and sold off lots of needless stuff recently, and with the addition of an unsecured loan I'm in a position to go and do it. The places I'm looking to moor the boat full time will not allow their marina address to be used as a residential address, although they do allow boaters to stay there 24/7 but that's another story.
I've recently remortgaged on a 5 year deal and having spoken to them they're happy to provide a consent to let. So all's well there.
Thinking ahead, I'm concerned about things 5 years down the line or maybe even sooner depending on the responses.
Car insurance is easy enough having read and gotten advice from others who liveaboard a boat full time.
But when it comes to remortgaging time I'll no doubt be asked to provide proof of X, Y and Z. And that's where there's potentially a problem. Am I going to be classed as no fixed abode? If I were to change the address for banking etc to a family member's address is it passable? Even in doing this I won't have a utility or council tax bill for said address, so maybe it's pointless?
I'm conscious I'm heading down a path that'd lead to big problems. I'd much rather front the problem now rather than bury my head and not rest easy for the next few years.
Thanks,
We did the opposite for a client recently............he was buying a house having lived on a narrow boat for a number of years.I'm in my mid-30s and have a (mortgaged) home with a healthy amount of equity in it. For a few years now I've considered wanting to live on a narrowboat full time - I know, not exactly very 'Pistonheads' is it. I've scrimped, saved and sold off lots of needless stuff recently, and with the addition of an unsecured loan I'm in a position to go and do it. The places I'm looking to moor the boat full time will not allow their marina address to be used as a residential address, although they do allow boaters to stay there 24/7 but that's another story.
I've recently remortgaged on a 5 year deal and having spoken to them they're happy to provide a consent to let. So all's well there.
Thinking ahead, I'm concerned about things 5 years down the line or maybe even sooner depending on the responses.
Car insurance is easy enough having read and gotten advice from others who liveaboard a boat full time.
But when it comes to remortgaging time I'll no doubt be asked to provide proof of X, Y and Z. And that's where there's potentially a problem. Am I going to be classed as no fixed abode? If I were to change the address for banking etc to a family member's address is it passable? Even in doing this I won't have a utility or council tax bill for said address, so maybe it's pointless?
I'm conscious I'm heading down a path that'd lead to big problems. I'd much rather front the problem now rather than bury my head and not rest easy for the next few years.
Thanks,
It would have pretty difficult but fortunately for him he had a friend who let him register himself at his address (Electoral Roll, bank statements, credit etc) so he had sufficient history to be able to pass the credit score.......you may need to do the same........
There is a guy who lives full time in a camper van who has a youtube vlog and went through this recently and his advice was to either use one of the companies that set up an actual address for you or just use parents / in laws etc address as your address for voters etc.
He uses the latter.
He uses the latter.
Thanks for the replies.
Unfortunately doing what's suggested at either of my parent's places would have unwanted implications. My mum has Alzheimer's and received various benefits, as well as council tax exemption. It'd feel unethical to begin using this address given the circumstances. And I'm unable to use my father's place either.
Looks like I'm buggered.
The only way around it I can think of is to get a lodger and charge a slight premium on the basis the place would essentially be theirs with me spending most of my time on a boat. At least this way my name's still on the utilities and council tax etc.
Unfortunately doing what's suggested at either of my parent's places would have unwanted implications. My mum has Alzheimer's and received various benefits, as well as council tax exemption. It'd feel unethical to begin using this address given the circumstances. And I'm unable to use my father's place either.
Looks like I'm buggered.
The only way around it I can think of is to get a lodger and charge a slight premium on the basis the place would essentially be theirs with me spending most of my time on a boat. At least this way my name's still on the utilities and council tax etc.
Glasgowrob said:
since you still own the home your letting can you not stay registered at that address for all the important stuff voters role bank etc and have your mail forwarded,
its still YOUR address despite having someone else living there temporarily
Can do for banking and electoral role etc I suppose. But I can't imagine how the conversation with a future lender would go when attempting to re-mortgage..its still YOUR address despite having someone else living there temporarily
Me: I'd like to re-mortgage my BTL property
Them: No problem, fill out these forms.. where's your address?
Me: Well it's my buy to let address I'm using
Them: WTF?
Me: I don't have a real address, I live on a boat
Them: WTF x2. You want me to lend tens of thousands to somebody without an address?
It's the BTL bit that'd cause a problem. Surely I can't use that as my address for that reason. Seems like a contradiction.
If lender needed to prove that you were an owner/occupier then that could easily be done with a letter from the marina owners.
For credit search/score purposes could you use a family address as a correspondence address. I can't say I've every seen the security property as a correspondence address though. It could work but questions could be asked, if you were open about everything I don't see why it wouldn't work.
For credit search/score purposes could you use a family address as a correspondence address. I can't say I've every seen the security property as a correspondence address though. It could work but questions could be asked, if you were open about everything I don't see why it wouldn't work.
Before going the whole hog and moving onto a boat full time, take my advice and hire one for 2 weeks in the winter, cook every night onboard to see how you would cope with the small fridge/freezer.Go out and return at 8pm to a boat that hasn’t been heated.
Depending on the size of the boat, space is a premium, internet is via a mobile internet connection. Your water tank needs filling weekly, waste tank every 3 weeks, heating can be diesel or fuel, diesel heating systems are noisy.
I did it for just over 5 years, I registered everything to my parents address 80 miles away, they were not fans of this arrangement. I did also do a car insurance claim while on the boat, no issues with that..
I will happily answer questions regarding living on the watr.
Depending on the size of the boat, space is a premium, internet is via a mobile internet connection. Your water tank needs filling weekly, waste tank every 3 weeks, heating can be diesel or fuel, diesel heating systems are noisy.
I did it for just over 5 years, I registered everything to my parents address 80 miles away, they were not fans of this arrangement. I did also do a car insurance claim while on the boat, no issues with that..
I will happily answer questions regarding living on the watr.
Sonie said:
Before going the whole hog and moving onto a boat full time, take my advice and hire one for 2 weeks in the winter, cook every night onboard to see how you would cope with the small fridge/freezer.Go out and return at 8pm to a boat that hasn’t been heated.
Depending on the size of the boat, space is a premium, internet is via a mobile internet connection. Your water tank needs filling weekly, waste tank every 3 weeks, heating can be diesel or fuel, diesel heating systems are noisy.
I did it for just over 5 years, I registered everything to my parents address 80 miles away, they were not fans of this arrangement. I did also do a car insurance claim while on the boat, no issues with that..
I will happily answer questions regarding living on the watr.
Thank you, appreciate the help.Depending on the size of the boat, space is a premium, internet is via a mobile internet connection. Your water tank needs filling weekly, waste tank every 3 weeks, heating can be diesel or fuel, diesel heating systems are noisy.
I did it for just over 5 years, I registered everything to my parents address 80 miles away, they were not fans of this arrangement. I did also do a car insurance claim while on the boat, no issues with that..
I will happily answer questions regarding living on the watr.
I've had one in the past, albeit not for too long, so understand some of what you're saying. I know it's a long way from being all roses and castles and much less than idylic when it's peeing down, cold and you're out of gas.
My home's tiny. I had a look around some boats last week varying from 52ft to 57ft. I won't pretend they felt mansion like but didn't feel too small either.
This is why I want to rent my place rather than selling up to live on water. I'd have no way back but at least this way, if it didn't work out, I could sell up in a year or two and not lose a great deal.
With the complications around not being able to provide any supporting documents like council tax, utilities etc, looks like I'd struggle anyhow in the future. This would take the enjoyment out of having a boat in the first place.
thenortherner said:
With the complications around not being able to provide any supporting documents like council tax, utilities etc, looks like I'd struggle anyhow in the future. This would take the enjoyment out of having a boat in the first place.
I wouldn't write it off just yet, I know of af least one case that was similar in the past at a previous lender so it can be done. Once you've got 12 month experience you'd be covered under my current lending policy, it's just the issue around the credit history that would need to sort out.
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