I am having a new build, can you cover stage payments? (this could come under Finance Options)
Yes we can make stage payments to your builder. We will want to see a build contract and you will need to pay your deposit as the first stage payment.
What is the difference between a marine mortgage and a personal loan?
A marine mortgage is a personal or business loan that is secured on the vessel. This will means you can borrow more on a marine mortgage than you can on an unsecured loan. There is usually more flexible underwriting with a marine mortgage.
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 specific security but a court can instruct a bailiff to sell your assets to pay off the debt.
Why should I have my boat surveyed?
Having a recognised professional survey by a member of IIMS or YDSA is an essential part of buying a boat. Much like a house survey your boat surveyor will look for any problems that may not be obvious and make recommendations for ensuring the boat is both safe to use and structurally sound. This may mean you walk away from a boat or negotiate further. Either way you will know the strengths and weaknesses of the boat you want to buy. You will also have a legal claim against the surveyor.
SSR or Part 1 registration?
Part I registration proves ownership of a vessel and is required if a marine mortgage is to be registered. All commercially coded vessels must be registered. If taking your vessel out of UK waters the receiving country will expect you to provide a Part I registration certificate at each port of entry. https://www.gov.uk/register-a-boat/the-uk-ship-register
SSR (Part III) or small ships register is a voluntary register for UK residents to register vessels less than 24m. https://mcanet.mcga.gov.uk/ssr/ssr/
The information is only as good as the information provided by previous owners of a vessel and there is no legal requirement to do any of this. This register does not prove ownership or if there is an outstanding mortgage on the vessel.
Why should I deal with Promarine Finance?
Promarine Finance is an independent company, lending its own funds to people like you to buy the boat you really want. We make the decisions within an hour of receiving your application. We enjoy what we do and will help you through the purchasing process and administration.
The directors and senior staff at Promarine Finance are all passionate boating enthusiasts. Between us we have numerous sailing qualifications including YM Ocean, commercial endorsements, powerboat qualifications, racing and cruising experience and ownership of a number of boats ranging from racing dinghies to yachts and fishing boats.
Our south coast Business Director has previously worked as a boat broker for a number of years and his experience is helpful to buyers and sellers of boats.
We understand the desire, joy and pains of boat ownership and want to help you to get the boat you really want. You will certainly benefit from our experience.
We are a small close team and you can speak with the decision makers at every step.
What does it cost to settle early?
A good question and one that we answer specifically – simply use this weblink to calculator future settlement figures http://www.financecalcs.co.uk/smartcalcs/Settlement.php
Can I pay lump sums?
Yes you can pay any amount at any time – there is no penalty and you will reduce the amount of interest you will pay.
How does refinance work?
Refinance is treated just the same as if you were buying the boat. We will need a survey if not recent and evidence of ownership. We would like to know what you need the money for ie is it to improve the boat, raise cash for your business or some other reason.