Yacht Loan

HowardM_2

Hi all,

I want a loan of 45,000 against a 60,000 Yacht.
Are there any options other than expensive marine mortgages.?

thnx
Howard

Rafter

I believe that it is possible to get a secured loan against a yacht and they aren't that expensive - around 7% apr I think?

Lombard, Barclays or Royal Bank of Scotland are your options in the UK.

The only other option to get the cost down would be extend your existing mortgage or try to get an unsecured loan for some of it.

Good luck!

R.

as400

How do marine mortgages work?...I mean if you buy a car on finance you can't sell it until its HPI clear, so what is there to stop you selling a boat until the finance is cleared, or does some similar system operate?

Rafter

Similar system. A charge is registered at the yachting equivalent of the DVLA so basically the boat cannot be sold without the loan being repaid.

R.

as400

Rafter wrote:

Similar system. A charge is registered at the yachting equivalent of the DVLA so basically the boat cannot be sold without the loan being repaid.

R.

Is that something specific to the UK or is it a worldwide institution?...preseumably its the boats name that acts as a 'VIN' number?

Rafter

I think boats are licensed or get registered with Lloyds if they are commercial boats, and that there is a similar system for yachts.

Not sure of the detail though - sorry!