Finance

Marine Loan - Even spread, variable rate. This loan is for advances of up to £25,000. It is simple and quick to arrange and no security is required. Moreover, British Registration of the vessel is not mandatory. You could borrow 100% of the total price with a repayment period of up to 10 years.

Marine Mortgage - Even spread, variable rate. Marine Mortgages are secured on the vessel and you would normally pay a 20% deposit. Payments can be spread over 10 years, or up to 15 years in certain circumstances.

Registration The Finance Company will register a charge on the vessel as their security if a marine mortgage is used; it will therefore need to be British Registered. The registration costs are your responsibility but we will be pleased to advise on registration procedures, insurance and valuation. Boats must be comprehensively insured by you with an approved company.

Survey The Finance Company may insist that the boat you are buying is surveyed by a qualified professional. The survey costs will be your responsibility.

How it works - variable rate An Even Spread payment plan enables you to have a loan with interest rates linked to Finance House Base Rates (FHBR) and charged on the day-to-day outstanding balance. Your payments, however, will remain fixed and known for the whole term. This is achieved by assuming that FHBR will remain at the rate agreed at inception. In reality it will vary during the loan period- this is taken care of by simply extending or reducing the repayment period to compensate for any variance.

There are no penalties for additional payments of capital which will shorten the repayment period and save you interest. There is no penalty for settlement in full (I.e. if you sell the boat and repay the loan) unless this occurs during the first six months.

Typical examples Typical Examples Guide prices only - prices and rates will vary between providers and these figures are a guide only. Follow the links below for up to date rates and terms.

In calculating the APR, no account is taken of any variation in the rate of interest charged under the agreement. The rate of interest is linked to the Finance House Base Rate (FHBR) and will vary as that rate varies from time to time. All figures are inclusive of VAT.

Examlpe 1 - Loan

If you were to purchase a craft, costing £12,500 and provide a deposit of £2,500 you would take a loan of £10,000. Your monthly payment would be £139.17 commencing one month from the date the loan is advanced. Assuming there is no variation in the interest rate, the total number of monthly repayments would be 120. APR 12.1% typical.

Example 2 - Mortgage

If you were to purchase a craft, costing £100,000 and provide a deposit of £20,000 and take a loan of £80,000 your monthly payments would £787.79, commencing one month from the date the loan is advanced. Assuming there is no variation in the interest rate, the total number of monthly payments would be 180. APR 8.9% typical.

Barclays Marine Finance - Online Quote

Bank of Scotland - Marine Finance Calculator

Lombard Marine - Marine Finance

Finance is provided subject to status and written quotations are available on request. Applicants must be 18+ and UK residents. Security over the vessel may be required. The APR will vary, depending on the amount and period of your loan. Certain craft may be excluded or have limited repayment periods. All figures correct at time of print. Finance information is available in alternative formats, please write for details.