Back to advice

A Beginner’s Guide to Marine Mortgages


What is a marine mortgage?

A marine mortgage is an ideal solution for those looking for a personal/business loan to buy a boat or vessel. 

Opting for a marine mortgage means securing a loan on your preferred vessel. Benefits include the ability to borrow more, and greater flexibility compared to an unsecured loan (one that does not require any type of personal collateral but instead relies on the borrower’s post code, job title and credit history).

If you fail to make repayments on a marine mortgage, your boat can be repossessed and sold to pay off the debt. With a personal loan, there is no security, and a court can instruct a bailiff to sell your assets to pay off the debt.

Respective deals and lenders come with different terms and conditions, but many will typically offer fixed-rate loans. This means your interest-rate will be fixed for the duration of the agreement, making it easier to plan and keep up with your payments. 

Boat financing might seem daunting due to the lack of lenders and therefore lack of public information. Speaking to lenders to gain an understanding of the basics and conducting research will help you make the most informed decision. 

Marine mortgage requirements: defining what you can afford

As with any mortgage contracts you enter, you will pay interest over a fixed term. So, ensuring the loan fits within your budget before committing yourself to an agreement is vital. The amount you will be asked to repay is influenced by several factors including:

  • the type of boat mortgage you choose
  • the length of repayment term
  • your deposit payment (the more you put down, the less you have to pay back)
  • your credit status

Lenders must follow strict guidelines to check whether a borrower can afford their mortgage repayments. They will want to see proof of your income and any debts you may have. For example, at Promarine, we ask for a satisfactory credit search alongside three months’ worth of bank statements to confirm these details. 

You can use our quote calculator to get an instant personalised quote for your needs and have it approved in 30 minutes.

Where can you get a marine mortgage from?

While some agreements may seem great initially, there may be hidden charges in the fine print, particularly relating to early settlement penalties. It’s always worth speaking to the lender to find out how they operate and look after you.

Mortgage brokers or an independent financial adviser (IFA) are unlikely to have knowledge or marine mortgages or access to lenders in this market.

At Promarine Finance, our competitive mortgages are fixed-rate, covering a time frame from 2-15 years — although they can be longer in exceptional circumstances. And, we tailor finance solutions to meet your circumstances for boat ownership. 

We have a simple approval process, and the decisions we make are fast and personal to you.

Interested in moving forward with Promarine Finance? 

If you are ready to take the next step in your early-stage boat ownership dream, then all you have to do is:

  1. Obtain a quote from our online calculator 
  2. Complete an online application form on our apply now page
  3. We obtain a satisfactory credit search and 3 months bank statements
  4. We’ll give you a credit decision within 30 minutes!