Modern marine mortgages offer competitive rates and are really the only viable option for purchasing a boat over £25,000 where financial assistance is needed. There is no upper limit on the amount you are able to borrow under a marine mortgage although this is, of course, dependent upon your ability to pay. An added advantage is that a marine mortgage will leave your home unencumbered as the mortgage is secured against the boat and not your property.
A deposit, usually of 20 per cent, is often required but funds can also be available for the costs of refitting or for the purchase of additional or replacement equipment.
Varying payment options and repayment periods are available. However, an "even spread" repayment method is a popular choice. "Even spread" means the finance house fixes the monthly repayment amount at the outset and this remains the same throughout the period of the mortgage. If the interest rate changes the repayment amount stays constant but the finance house simply shortens or lengthens the terms as appropriate. This makes budgeting easier as you will always know the exact amount of your monthly repayments