Marine Mortgages

How a marine mortgage can help you

Buying the boat of your dreams can be an easy affair if all the paperwork is in order and you have the cash ready to go. Most of us are unlikely to have that sort of cash lying around, of course, which is why a marine mortgage is usually the perfect solution that helps you fulfil the dream of owning a boat.

Promarine Finance can provide you with a marine mortgage to suit your circumstances and can also provide knowledge and support all the way through the process.

Buying a boat with marine finance

If you’re reading articles about inland boats, then it’s likely that your interest has already been piqued by the idea of owning one. Regardless of where your interest level has reached, one big issue that stands out is how to finance such a purchase.

Most of us are not in a cash-ready position to make an offer on a boat, so that’s where marine mortgages come into play. There are several marine finance solutions, each tailored to your circumstances, with different options available for inland boats and sea-going vessels. Promarine Finance do not make a distinction between whether or not you intend to live on the boat or keep it for leisure and pleasure.

Why a marine mortgage is the best option

For anybody looking into buying a boat, there are so many questions that need to be answered. By using a marine mortgage specialist like Promarine Finance, you will have constant access to boat-buying expertise every step of the way.

If you are buying through a reputable boat broker, they will assist you with issues such as the insurance, licensing and the requisite maintenance needed to keep your boat running smoothly, as well as functional issues such as mooring.

If you are buying a boat from a private seller, we can also finance your purchase, and we’re proud to be one of the few companies in the UK to offer this service.

To explore your options for buying a boat, contact Promarine Finance and one of our team will talk you through the options available to you.

Can you get a mortgage on a boat?

Yes. Promarine Finance can provide you with a marine mortgage to suit your circumstances and can also provide knowledge and support all the way through the process.

Can you get a mortgage on a houseboat?

Promarine offers mortgages on houseboats. There are several marine finance solutions, each tailored to your circumstances, with different options available for inland boats and sea-going vessels. Promarine Finance does not make a distinction between whether or not you intend to live on the boat or keep it for leisure and pleasure. 

Can you get a mortgage on a canal boat or narrowboat?

Yes. Promarine has financed many liveaboard and leisure canal boats so whether you’re looking to finance a narrowboat, widebeam or barge, we can assist you.

Is a boat mortgage tax deductible?

A boat mortgage is not tax deductible if it is in a personal name, however it can be, if applied for in a business name and is a legitimate business expense.

How do I get a boat mortgage?

Promarine Finance aims to make the process of arranging marine finance for your new boat as simple as possible. You can complete an on-line application or call us at any stage. Initially, we will do a ‘soft credit check’ to look at certain information on your credit report. Soft searches aren’t visible to other companies – so they have no impact on any future credit applications you might make. Only you can see them on your report, and it doesn’t matter how many there are. It helps us to get a gauge of your financial health. Before finalising an offer we will need to receive and review a copy of 3 months bank statements – an internet copy is fine. If you are a business we will require accounts information too.

How long is a boat mortgage?

The maximum term for a boat mortgage with Promarine Finance is 10 years – however this can be longer in exceptional circumstances. Please call us to discuss further.

Can you buy a boat with a mortgage?

Yes. A mortgage is a secured loan, so a boat mortgage raises an amount equal to the loan amount. This can then be used to pay for the boat, or anything else you might need. Such as repairs or another boat.