London’s property market is notoriously difficult to penetrate, and first-time buyers can often be put off by sky-high prices and dodgy housing.
A new option has hit the market that offers first-time buyers the chance to buy a home for just £ 250,000, even with a landing for jet skis – but there’s a catch.
The catch is, the houses are on the water. Luxury marine boats are sold for as little as £ 250,000 and you can even order and design your own.
READ MORE: The underrated city an hour from London where the average house price is just £ 250,000
Potential buyers were even shown boats equipped with jet-ski ramps.
One company, Farndon Marina, sells the luxury boats for as little as £ 250,000. The boats include luxurious amenities such as ski lifts and state-of-the-art kitchens.
It can be difficult to find a place to jet ski on London’s waterways, but if you are looking for something in particular they offer the option to build your own custom boat.
These are more expensive, but you can tailor your new houseboat to your daily needs. Whether you want a home fit for a family or a bachelor apartment for the holidays, a new boat is at your fingertips.
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The only other problem you might face is the possibility of getting a mortgage on the floating homes. It is much more difficult to get one on a boat due to the risks and a specialist lender might be the only option.
This is because a barge is not a “typical” property – it does not have a fixed address and will generally be much cheaper than a standard house. It also has the unusual downside for lenders as it can just fly away.
It may take a bit of research before you can find a suitable lender.
In the past, Barclays boat mortgages could be used through its specialist lending arm, Barclays Marine Finance. However, since the closing of new businesses, only specialist lenders will be able to help you.
Luxury boats are at the top of the market and cheaper options exist. Riverboats often cost less than £ 100,000 and could soon become an alternative for a market that chases young people out of the capital.
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