Marine Mortgage
Marine Mortgage
A marine mortgage is a financial loan tailored to the needs of property buyers who are looking to invest in seagoing vessels. Marine mortgages often specialise in a sub-category of craft, such as yachts and power boats.
A marine mortgage can involve the following:
- Unsecured loans for smaller sums, much like a personal loan from a bank.
- Secured loans for more expensive craft. These are secured against the vessel itself (not your house), and if you default on your repayment then the lender can repossess your craft.
- Options to finance a boat in the name of a company or business.
- Flexible repayment options.
- Fixed rate and variable rate loans.
It is important to check whether a marine mortgage covers a vessel purchased with the intent to live aboard permanently, if that is your aim.
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4.99%
| Fixed | Sep 2010 | Principality Building Society |
7.20%
| 60% |
More
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4.99%
| Discount | Oct 2010 | Lloyds TSB Scotland |
7.20%
| 75% |
More
|
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4.99%
| Discount | Oct 2010 | Cheltenham & Gloucester |
7.20%
| 75% |
More
|
|
4.99%
| Fixed | Dec 2010 | Cheltenham & Gloucester |
7.20%
| 75% |
More
|
|
4.99%
| Fixed | Dec 2010 | Lloyds TSB Scotland |
7.20%
| 75% |
More
|
|
5.09%
| Fixed | Sep 2010 | Principality Building Society |
7.20%
| 75% |
More
|
|
5.19%
| Offset | | First Direct |
6.20%
| 80% |
More
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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