Marine finance, mortgages and loans
For higher value craft a number of companies offer marine mortgages, secured against the value of the boat itself. Whilst a few years ago it was common to be able to obtain marine mortgages for amounts from £25,000 upwards, the “credit crunch” has meant that several companies previously offering this facility have pulled out of the market. The finance company will usually require the vessel to be Part I registered, with their interest in the ownership recorded by the Registrar of Shipping.
For lower value vessels many finance houses also offer personal loans, at higher interest rates than marine mortgages, but without having the complication of Part I registration.
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