Frequently Asked
Questions
Questions
What is Marine Finance?
You may know it by a number of similar names:
- boat finance
- yacht finance
- asset finance
- marine mortgage
What can I use Marine Finance for?
You can use it to buy just about any type of pleasure craft, for sea or inland waterways.
You can also use it for the additional expenses of boating – buying new or replacement kit and refitting.
However, we cannot fund highly specialised or extensively modified craft.
If you've set your sights on a particular boat and you want to check whether we would finance it,
please call us on +44 2380 456298*.
How do I purchase a boat?
Take a look at the buyers tips page.
If you can‘t find the answer to your question here, just give us a ring on +44 2380 456298 for expert advice on any aspect of marine, boat or marine asset finance.
What financial information will I need to provide?
We will need independent confirmation of your income and expenditure, together with details of any assets
and liabilities. This information will be kept strictly confidential and used purely to assess serviceability of the proposed loan.
What mortgage term lengths are available?
We usually recommend a 10 year mortgage. However, other terms maybe available, please call.
What interest rates will I have to pay?
Interest rates are determined at the time of the application and changed at a margin over Finance House Base Rate (FHBR). Interest is charged on a daily basis. This means you only pay interest on the balance outstanding.
Can I fix my repayments?
We always schedule fixed repayments. If the interest rate varies, we simply adjust the length of
the term of the outstanding balance up or down accordingly.
Can I make additional repayments?
Yes. If you want to use a windfall to help pay off your loan,
you can pay in lump sums at any time. Please note however
that you can't redraw cash injections - once it's gone it's gone. This gives you the option of reducing the monthly payment or term.
Can I charter my yacht?
In most cases, yes, provided that prior agreement is sought. However, we cannot
offer purchase finance if repayment will be solely dependent upon the charter revenue.
Are there any other compulsory requirements?
- We require a survey and valuation for all used vessels over one year old
- Your boat must be insured with a recognised marine insurance company
- If you want to borrow over £60,000 your boat must be registered with a shipping registry that meets our terms and conditions.(Not applicable to narrow boats)
Do I need boat insurance?
Yes, it's absolutely vital. If you don't obtain insurance, you are leaving one of
your biggest investments unprotected.
Our recommended Insurance Broker, Coleman Marine, arrange All Risk, comprehensive insurance for yachts, super yachts,motor boats, sports boats, motor yachts, catamarans & trimarans, day boats and inland waterways craft.
What's different about Coleman Marine?
They demand high standards; dealing only with established, financially secure marine insurers who can offer an excellent claims service.
They tailor their service to suit you: through their close relationships with specialist Marine insurers, they can access policies that cover activities which can sometimes be excluded by some Insurers
They know the boating world: in addition to their insurance expertise, several Coleman staff hold RYA qualifications and are boat owners themselves
They are available when you need them; with a 24 hour emergency helpline and a full, hands-on claims management service.
How do I apply? Click here to obtain an insurance quotation. Coleman Marine guarantee a response within two hours of receiving your request.
They tailor their service to suit you: through their close relationships with specialist Marine insurers, they can access policies that cover activities which can sometimes be excluded by some Insurers
They know the boating world: in addition to their insurance expertise, several Coleman staff hold RYA qualifications and are boat owners themselves
They are available when you need them; with a 24 hour emergency helpline and a full, hands-on claims management service.
How do I apply? Click here to obtain an insurance quotation. Coleman Marine guarantee a response within two hours of receiving your request.
How can I register my boat?
There are two main methods of registration.
Full Registration
This gives you absolute title of ownership. A Certificate of Registry is issued by the Registry of Shipping and Seamen, providing the best possible protection for your investment. Registration is a requirement of most countries and with it your boat can be used as security against a marine mortgage.
It is as easy to arrange for used boats, which have not already been registered, as it is for new boats, as long as evidence of ownership can be established for the last five years.
We will arrange registration for you.
Small Ships Register
Please note security cannot be charged on this register and it does not prove ownership and therefore cannot be used to confirm title.
Full Registration
This gives you absolute title of ownership. A Certificate of Registry is issued by the Registry of Shipping and Seamen, providing the best possible protection for your investment. Registration is a requirement of most countries and with it your boat can be used as security against a marine mortgage.
It is as easy to arrange for used boats, which have not already been registered, as it is for new boats, as long as evidence of ownership can be established for the last five years.
We will arrange registration for you.
Small Ships Register
Please note security cannot be charged on this register and it does not prove ownership and therefore cannot be used to confirm title.
Contact Us
For more information or to apply:
UK: 02380 456 298
Non-UK: +44 (0) 2380 456 298
Monday to Friday 9am to 5pm
Wednesday 10am to 5pm
Fees will apply, please contact us for details
Your boat may be repossessed if you do not keep up repayments on your loan
