Dedicated Boating Enthusiasts and Experienced Advisors
We understand the excitement, the fears and the joy of boat ownership, and because we understand, we can help guide you through some of the most important stages.
Our approach is friendly, flexible and tailored to your individual requirements, and we give you fast decisions.
Few of us have the cash to buy a boat outright so that’s where marine mortgages come into play. There are several marine finance solutions for different circumstances, with different options available for the likes of inland boats and sea- going vessels.
Our marine mortgages are loans secured on the vessel, which typically means we can be more flexible and offer loans for higher value boats. There are no second charges on property, and you don’t need to be a property owner. Your boat is at risk if you don’t make the loan repayment.
What fees are involved?
There are no conveyancing fees in marine finance but there are similar fees
- Surveyor fee – usually less than £1000 depending on boat and location. You should obtain quotes and availability from a professional surveyor. Speak to them about your boat and their experience of surveying the type of vessel. Will they permit you to attend the survey?
- Legal fees – c £789 including the registration below, if requiring a marine lawyer to examine and arrange MCA part 1 boat registration. This is not usually required by us.
- MCA registration – part 1 c £300 – we undertake this at cost when necessary.
- Document fee – our standard fee is 2% of the loan amount which enables to reflect early settlement benefits below
No Fees for Early Settlement
Many of our customers find themselves in a position to pay of their marine mortgage early. Promarine Finance does not charge penalties or fees for early repayment of the marine mortgage. This applies to partial or full settlement.
If paying off a lump sum you can choose to either maintain the existing repayment over a shorter term or keep the original term with a lower repayment.
This flexibility allows customers to settle their loan ahead of schedule without incurring extra costs, and make savings by avoiding future interest.
Flexible Repayment Options
Since the volatility of bank base rates we introduced a variable rate repayment option for boats with loans of more than £50k. This was to avoid the fixed rate premium that we needed to price into 10 year terms.
For lower value loans where certainty is more important our fixed rate terms give peace of mind and still give early settlement benefits. We are keen to offer customers the flexibility to choose a repayment term that suits individual financial circumstances.
If your future circumstances improve then you can reschedule repayments to meet your new budget. If you are having problems then we are available to discuss what you need and how we can help by offering support.
Transparent Application Process
Our simple application process begins with this form
We assess affordability by asking you to share bank accounts. With this information we will want to discuss your boat finance application and agree with you terms that meet your requirement.
We confirm our offer by email and will then work with you, the broker, the vendor and surveyor to help you get afloat as quickly as possible. Our finance process is personal, helpful and designed to provide fast decisions.
