Can I buy the vessel from a private individual or does it need to be purchased through a broker?
The vessel can be purchased either through a broker or from a private individual. We are able to assist with both circumstances.

Can there be more than one person buying the boat?
Lombard Marine Finance is able to assist with a joint purchase. All parties involved in the ownership of the vessel must be involved jointly on the mortgage.

Can I buy the boat from abroad?
Yes. We are able to consider a vessel being purchased outside the UK. If required, we can make payment to the broker/supplier in a foreign currency.

Do I need to have a survey and valuation?
You do not need a survey on a new boat. For used boats a current 'out of the water' full condition survey and valuation, commissioned by you and undertaken by a marine surveyor is normally required when we advance in excess of £25,000. You should satisfy yourself with your chosen surveyor's professional standing and Professional Indemnity Insurance.

Do I need to register the boat?
Unless the boat is to be kept outside UK waters, or for particularly larger advances, we do not normally require the boat to be fully British registered under Part 1 of the Merchant Shipping Act.

Can I charter the vessel?
Yes. You are able to charter the vessel under the terms of our mortgage, as long as we are made aware of this.

How do I know what to look for in the vessel title paperwork and evidence of VAT?
You should ask to see all title documents relating to the vessel. Ideally these should include an original VAT invoice from when the boat was first purchased, showing that VAT was paid at that time. If this is not available, we are on hand to discuss the implications of any missing items. As part of the normal pre-advance process, we will review the available documents.

What if I want to change my boat before the loan is repaid?
Providing your circumstances support the advance, additional funds can be made available quickly and easily. We will help you with the process of transferring the mortgage from one vessel to the other and will adjust your repayments accordingly. Naturally, if you don't require a new facility from us, you will need to repay the outstanding mortgage balance in full.

How is interest calculated?
Interest is calculated on the balance outstanding at the end of each day which means an immediate benefit is gained from any payments of capital.

Will I require insurance for my boat?
Your boat must be comprehensively insured with a UK insurer and our interest noted on the policy. We have arranged a facility where insurance can be obtained through Haven Knox-Johnston at competitive terms. For further details please contact Haven Knox-Johnston on 01732 223600 and mention this site.

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