Depending on the type of aircraft or pleasure-craft vessel you require and the lender you choose a variety of funding products and profiles may be achieved.
Marine and Aviation Mortgage
- A loan of up to 15 years may be secured against your new or used plane, helicopter, powerboat or yacht by way of a registered Aviation Mortgage, or a Marine Mortgage registered under Part 1 of the Registry of Shipping and Seamen
- As the loan is secured on the aircraft or vessel there is usually no need for additional security
- It is normal for a lender to require a survey and valuation on these mortgages unless the asset is under 1 year old
- Used aircraft and vessels can offer equally good security for you and the lender but please note for lending security and for your peace of mind ‘good title’ in the vessel must be tracked back for the life of the asset or a minimum of 5 years, whichever is the shortest
- Funding of up to 80% of a aircraft or vessel purchase price or valuation, whichever is the lower
- While it is usual to charge a margin over the lenders variable lending Base Rate, calculated on the daily outstanding balance, repayments can be fixed regardless of any change in interest rate.
- Any rise or fall in interest rates would simply vary the length of the mortgage term so you always know how much your repayments are for budgeting
- Lump sum payments can be made and there are usually no penalties for early settlement of the loan after an initial 6 month period
- ‘Lending’, ‘set up’ and ‘legal’ fees apply within the survey, valuation, mortgage and registration processes, but these can usually be added to your mortgage balance.
- Your home remains unencumbered
Call 01508 494 345 or email us
Hire Purchase and Unsecured Loans against Marine purchases
- For smaller loans below £50,000 we may be able to secure funding on simple Hire Purchase terms, thus avoiding the more complex mortgage route, and below £25,000 unsecured funding may be an option to purchase smaller or older craft, or ancillary equipment and even moorings – subject to status