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Can I get a mortgage on a boat?

Yes. A boat mortgage is a specific form of secured loan to enable consumers to buy a boat (asset) of their choice.

Below are the reasons why our customers trust Promarine Finance.

Promarine Finance makes getting a mortgage on a boat as simple as possible. Even if you have the cash to buy a boat outright, it may be sensible to keep some of your savings and consider how our personally tailored marine mortgages can meet your requirements. Applications can be started online or over the phone by speaking with any one of our knowledgeable team.

What paperwork will I need?

It is in both our interests to make sure you are able to afford the monthly loan repayments, which is why we will want to know:

  • What are you wanting to do with your boat? For example, are you planning to liveaboard or is it for pleasure?
  • Your address and how long you have lived there
  • What you do for a living and approximately how much you earn.

Before finalising an offer we will need to do a personal credit search and receive a copy of three months bank statements – an internet copy is fine. If you are a business we will require accounts information too.

How does a boat mortgage work?

A boat mortgage is a secured loan. We are therefore just as interested in the boat as you are, so a survey and a proper chain of title documents is essential. The surveyor will confirm the condition of the vessel, what work (if any) may be required to protect its future value, make the boat safe and secure and also confirm the market value.

The title documents will confirm the vendor is the owner of the boat and has the right to sell the boat. Not only does this ensure you will legally own the boat on completion, but it will enable you to sell the boat should you wish to do so in the future.

Complete payment flexibility

A Promarine boat or marine mortgage gives you the flexibility to make over payments at any time without penalty. Extra payments can be used to reduce the term or reduce the payment – and both options will save you money by reducing future interest charges.

The customer choosing to finance their boat with a marine mortgage owns their boat out right.  They have the ownership risk which must be insured with the lenders interest noted. So a marine mortgage is a safe financing method for the lender and the borrower.

How is a marine mortgage different to a personal loan?

Personal loans are generally unsecured and can be expensive with often an upper limit of around £20k depending on an applicant’s credit score. Personal loan companies are often using algorithms to provide credit decisions which take into account postcodes and credit history amongst other factors. The slightest blip in credit performance such as late payments, mobile phone and utility bill disputes can mean personal loans are not available.

A personal loan provider has no interest in the boat, and therefore will not require a survey and will not check title documents.

Find out more about our marine mortgages here.

Or download our Boat Buying Guide.