Close Brothers Narrowboat Finance - Rate Table (October 2026)
| Finance Type | Rate From | Rate To | Max Term | Max LTV | Min Loan |
|---|---|---|---|---|---|
| Hire Purchase (Narrowboat) | 6.5% APR | 10.5% APR | 10 years | 80% | £10,000 |
| Hire Purchase (Widebeam) | 6.5% APR | 10.5% APR | 10 years | 80% | £10,000 |
| Liveaboard Narrowboat | Rate on application | 10.5% APR | 10 years | 80% | £10,000 |
| Refinance / Equity Release | Rate on application | 10.5% APR | 10 years | 80% | £10,000 |
Rates as at October 2026. Indicative only - subject to credit assessment, boat survey, LTV and individual lender criteria. A BSS certificate and CRT licence are required for all inland waterways craft.
About Close Brothers Narrowboat Finance
Close Brothers is one of the most respected specialist asset finance lenders in the UK, and its marine and leisure division has built up extensive experience financing narrowboats, widebeam canal boats, and traditional working boats. Unlike mainstream banks, Close Brothers understands the nuances of the narrowboat market - including the importance of BSS certificates, CRT (Canal & River Trust) licensing, and the distinction between residential and leisure craft.
The lender's entry rate of 6.5% APR is among the most competitive available for narrowboat hire purchase in the current market. Borrowers with clean credit profiles purchasing a quality boat from a recognised builder can realistically expect to be offered terms in the lower end of the range, subject to standard underwriting. The upper end of the range - approaching 10.5% - applies to higher-risk profiles or older boats requiring additional scrutiny.
Close Brothers operates primarily through the broker channel, meaning that the quality of the application submission matters as much as the borrower's own profile. A well-structured file - including a current survey, details of mooring arrangements, and clear evidence of income - will typically result in faster decisions and more competitive pricing than a direct or incomplete application. Doulton Bridging Finance has an established working relationship with Close Brothers' marine team and regularly accesses their facilities for narrowboat clients.
For buyers considering a liveaboard purchase, Close Brothers will consider applications where a permanent residential mooring is confirmed, but the boat must hold a valid BSS certificate and the applicant must demonstrate that ongoing compliance costs (annual licence, mooring fees, hull blacking) have been factored into their affordability assessment. The lender is not currently active in the marine mortgage space - all facilities are structured as hire purchase.
Close Brothers - Key Advantages
- Market-leading entry rate at 6.5% APR - among the lowest for narrowboat HP
- Experienced specialist asset finance team familiar with the canal and river sector
- Flexible underwriting for quality second-hand narrowboats
- Strong broker relationships - fast decisions when files are properly presented
- Can accommodate limited companies and business purchasers
Close Brothers - Considerations
- Maximum 10-year term - does not extend to 15 years like some specialist lenders
- 80% maximum LTV - buyers need a minimum 20% deposit
- Not always available direct - typically accessed through approved brokers
- Minimum loan of £10,000 excludes the smallest canal boat transactions