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Finance Options
Marine Finance can help make the boat of your dreams a reality, whether she is brand new or a brokerage boat. A brief search will reveal several companies out there eager for your business, including the three biggest players in the UK market: Lombard, Bank of Scotland and Barclays.We asked Paul Knox-Johnston of Lombard to describe some of the options available, and the banks part in the boat buying process:
1) Remember to consider all other costs involved when buying a boat i.e. mooring / storage, Maintenance and insurance.
2) Contact us to discuss the finance options available to you. You may be surprised to know that you might be able to afford more than you expected.
3) We could establish a credit line, which shows vendors that you are serious and puts you in a better position to negotiate. We will send you a Letter of Offer, which you will be asked to sign and return to us.
4) When your offer on the boat is accepted, you will be asked to put down a deposit and sign a purchase contract.
5) Should you be buying a second hand boat then contact an accredited surveyor and ask them to provide you with a full Survey and Valuation. You should satisfy yourself with your chosen surveyor's professional Standing and Professional indemnity Insurance.
6) Once you are happy to go ahead with the purchase, contact Lombard and provide us with the boat details, the Vendor's/Broker's name and address, boat registration status (Part 1 or SSR) and a copy of the survey and valuation for our review.
7) We will then contact the private vendor or broker, request details of the title paperwork and invoice / proof of VAT.
8) Once the title paperwork has been obtained we will then issue our mortgage documents to you for signing. If the Boat is registered or going to be registered we will also send you the appropriate documents to enable the registration to be completed in your name.
9) When we have received the paperwork from you, insurance confirmed with our interest noted, and the deposit has been paid we will then ask for your authority to release the funds to the vendor.
We'd always recommend that you call one of our specialist advisors to discuss your options (our number appears at the bottom of this page), but here's a brief description of the financial packages available from Lombard:
2) Contact us to discuss the finance options available to you. You may be surprised to know that you might be able to afford more than you expected.
3) We could establish a credit line, which shows vendors that you are serious and puts you in a better position to negotiate. We will send you a Letter of Offer, which you will be asked to sign and return to us.
4) When your offer on the boat is accepted, you will be asked to put down a deposit and sign a purchase contract.
5) Should you be buying a second hand boat then contact an accredited surveyor and ask them to provide you with a full Survey and Valuation. You should satisfy yourself with your chosen surveyor's professional Standing and Professional indemnity Insurance.
6) Once you are happy to go ahead with the purchase, contact Lombard and provide us with the boat details, the Vendor's/Broker's name and address, boat registration status (Part 1 or SSR) and a copy of the survey and valuation for our review.
7) We will then contact the private vendor or broker, request details of the title paperwork and invoice / proof of VAT.
8) Once the title paperwork has been obtained we will then issue our mortgage documents to you for signing. If the Boat is registered or going to be registered we will also send you the appropriate documents to enable the registration to be completed in your name.
9) When we have received the paperwork from you, insurance confirmed with our interest noted, and the deposit has been paid we will then ask for your authority to release the funds to the vendor.
A variable rate marine mortgage is linked to Finance House Base Rate (FHBR) and your repayments will go up and down in line with interest rate fluctuations. With variable rate mortgages, lump sum repayments can be made at any time during the agreement with no penalty. The lump sum payment is credited to your account on the day that it is received and from that date the daily interest charge is calculated on the lower balance.
Balanced Payment Plan
The Balanced Payment Plan mortgage is one of the most popular facilities available. Linked to Finance House Base Rate (FHBR), the monthly repayments remain fixed through the period of the agreement. The estimated term of the agreement will vary according to fluctuations in the interest rate. Lombard is able to offer this facility in both Euro and US Dollars, with these facilities being linked to one month Euro LIBOR (London Inter Bank Offer Rate) and one month US Dollar LIBOR respectively. Borrowing in Euro or Dollars can be particularly favourable should you have an income in these currencies, as there is no exchange rate risk.Low Start Mortgage / Interest Only Mortgage.
With a Lombard Low Start Mortgage the monthly repayments are lower in the first 3 years of the agreement. The monthly repayments are increased slightly on an annual basis to ensure full repayment over the agreed term. Alternatively, an interest only period can be considered. Your payments will cover the cost of interest only for a certain period - for example 12 months, with the facility then reverting to capital and interest repayments for the remaining term
Personalised Packages
Depending on the level of borrowing, Lombard can consider: Structured Repayment mortgages that are tailored to individual requirements; a Balloon Payment mortgage, or a 15 year Annual Review mortgage where the monthly repayments are reviewed on an annual basis and increased/decreased in line with Finance House Base Rate fluctuations. With Lombard Mortgage Protection your Marine Mortgage repayments are covered in the unfortunate event of illness or your death. What are the benefits of Mortgage Protector & Mortgage Protector Plus?- Available on all Lombard marine mortgages, where the period is up to 10 years
- The balance of the agreement is settled in the event of death
- No medical required (if less than £100,000 financed or where the monthly repayment is less than £1,000)
- Monthly repayments made in the event of unemployment, accident or sickness (Mortgage Protector Plus only)
- Peace of mind
For more information on Lombard's services please contact: Paul Knox-Johnston - Marine Manager Telephone: 02380 242171 Mobile: 07887 830 516 Fax: 02380 242181 Email: paul.knox-johnsto@lombard.co.uk
For an online quote form and much more please visit the Lombard site here: www.lombardmarine.co.uk
