50% deposit should'nt be a problem. Boat will need to be Part 1 registered and insured and I guess you'll need to demonstrate proof of income. Stingo's advice is correct vis a vis house mortgage but I dont like 2 things about it. Firstly, if the increase in mortgage payments causes you to default then you could lose your house whereas, with a marine mortgage you're just going to lose your boat and, secondly, if you're not paying off capital as fast as the boat is depreciating (as is likely with a 25yr house mortgage)then potentially you're in a negative equity situation
Depending on the amount you want to borrow (say up to 25k ) we found on line fixed rate unsecured loans were available at significantly cheaper rates than Marine Mortgages. We ended up going with Northern Rock Building Society at 5.9% APR, fixed for 10 years and no early repayment penalties, etc. At the time the cheapest Marine Mortgage we could find was 7.9% variable for 10 years.But with Northern Rock it was an any purpose loan so none of the expense and hassle of valuation and it kept our registration options open. Also cheaper were Alliance & Leicester and Lombard Direct. Having said that, my local branch of the Nat West has just offered me 3.2% fixed compared with their standard unsecured loan rate of 7.9% as I've been with the branch for over 25 years. So shop around. There are plenty of people keen to lend you money. Just avoid the ones with tie in clauses and early repayment penalties
Deleted User you are a bit wrong there mate imho. These loans are not limited recourse. So if you own equity in a house, and buy a boat on a boat mortgage, then default, you WILL lose your house. The boat lender has first recourse to the boat but if that doesn't pay off the debt he will come after all your other assets including the house. His recourse is not limited to the boat
All giving security to any lender does is make that lender stand at the front of the queue (viz a viz other creditors) so far as repossessing that particular asset is concerned. But you will always have to pay back any debts until you run out of assets, whether those debts are unsecured or secured
Many thanks for the input!
I spoke with a lady from Barclays Marine mortgage this morning and she laid down a few of the "difficulties" with mortgaging a US import vessel - e.g. must be in EU waters before payment, must be deregistered in US registry before payment, must have "Barclays conformant" proof of title etc. etc...
So I'm leaving it and buying what I can outright!
With BoS Marine Mrtgs - they wont allow extra or full settlement within first 6 months, but thereafter you can settle part or all without penalty and with big rebate. They will do up to 15 years for 20% minimum deposit providing boat is (I think) less than three years old. Also, some dealers can fix mortgages for people for more than 10 years under certain circumstances. Worth shopping around because money is cheap and will be so for at least another year.