Marine Mortgages

 A "Marine mortgage" means a mortgage that is registered against a boat, the vessel acting as security for the loan.  A part share is not possible it must be against the boat.  The Mortgage is accordance with the Merchant Shipping  Act 1993

The mortgage is secured on the boat that it has financed, in a similar way that a house acts as security to the lender. Typical Marine Mortgages will lend up to 80% of the value of your boat often with a minimum amount in the region of £25,000.

As the mortgage can usually be secured on the boat there is no need to secure or pledge other assets to the lender. For smaller sums a Bank Loan secure or unsecured, a Credit card can be used.

However boats are expensive to maintain, mooring costs, insurance etc and can lose value very quickly if not maintained or like now we have a recession. t is not a good idea to stretch yourself financially for the purchase of a boat unless you have a clear financial plan.