What is a marine mortgage?
Our marine mortgage is normally used to help fund the purchase of a motor yacht or sailing yacht and is a loan which is secured on the vessel. We specialise in funding the purchase of boats based either abroad or here in the UK to UK residents and UK based companies.
We are now one of the leading marine mortgage providers and have a dedicated team of experienced marine professionals to help with advice and information.
Our approach is one of personal service and we have processes in place to help you through to successful completion.
How does a marine mortgage work?
Buying a boat is never entirely simple and neither is marine finance. We do have guidelines in place but do take an individual approach, rather than a tick box approach, with all our clients.
We can offer a range of repayment plans to match your requirements and the mortgage value required. Loans can be on a fixed payment plan with no ties to interest rates up to 7 years and balloon payment options where appropriate.
Typically, we offer loans between £15,000 - £500,000 but can go beyond with deposits or trade-ins. We do not have specific age restrictions for vessels but prefer a flexible and common sense approach which boat purchases often require.
Why choose our marine mortgage?
We take our culture from our parent company, Weatherbys bank, a 250-year-old private banking institution. Individual customer service is our priority and we will always look to discuss your purchase with you and talk through our options and processes.
We like to get to know our customers and take our responsibilities to our customers seriously.
Our experience and understanding of the marine industry means that we are well placed to help with information and guidance, regardless of the situation and specialise in dealing with boats based abroad.
Depending on what type of vessel, where she is based and where she will be used, we can explain our requirements and talk through the various processes to enable a smooth path to completion in a timely fashion.
How do I take out a marine mortgage?
Once we have discussed your requirements and if you are comfortable with how we can help, we can email an application to you. We are both the funder and underwriter so everything is dealt with individually by Arkle staff.
Preapproval, without obligation, is becoming a popular choice with our customers who have not yet settled on the right boat and upon receipt of your application and relevant information, we aim to have an answer for you within 1-2 days.
Once you have a credit acceptance and identified the vessel, we turn our attention to work with the yacht broker to approve the vessel and the accompanying documentation. The timing of having our requirements approved is not always under control but we can normally be ready to complete within 2 weeks if required, although a boat purchase may typically take longer, regardless of finance.
We will normally look to check the following, depending on the individual situation:
Survey and valuation, provenance of the boat and title chain, EU recreational craft directive approval and VAT paid status.
Registration requirements for the vessel are dependent on the location and usage. Typically, we will require Part 1 registration here in the UK for vessels based abroad and have a process in place to organise this if a change of flag is required.
We do not normally deal with private vendors as a yacht broker or dealer will add a level of comfort for all parties and carry out their own due diligence regarding the vessel and the seller.
If you feel that we can add value to your purchase, we would be pleased to talk with you. Please call our marine team on 01933 304789.