YOUR QUESTIONS ANSWERED

The answers you need when considering a purchase

  • Can I buy from a private individual or must I purchase via a broker?

    You can buy your vessel through a broker or from a private individual. We can help you with finance in both cases.

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  • Can more than one person buy the boat?

    We can assist with a joint purchase. All parties sharing ownership of the vessel must be included jointly on the mortgage.

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  • Can I buy the boat from abroad?

    Yes, we will consider a vessel being purchased outside the UK. If needed, we can pay the broker or supplier in a foreign currency.

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  • Do I need to have a survey and valuation?

    Buying a new boat? You don’t need a survey. For used boats however, 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 you more than £25,000. Please satisfy yourself with your chosen surveyor's professional standing and Professional Indemnity Insurance.

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  • Must I register the boat?

    Unless you keep your vessel outside UK waters, or we provide a particularly large level of finance, we do not normally require the boat to be fully British registered under Part 1 of the Merchant Shipping Act.

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  • Can I charter the vessel?

    Yes, you can charter your boat under the terms of our mortgage, as long as we are made aware of this.

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  • What evidence is needed about vessel title and VAT issues?

    We will liaise with the dealer or private seller to obtain the title paperwork on the vessel from new, or for at least the last five years. This is all part of the service we offer our customers. Please note that Lombard does not guarantee the title, VAT status or value of vessels being financed.

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  • What if I want to change my boat before the loan is repaid?

    As long as your circumstances support our financial 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 we 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.

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  • How is interest calculated?

    Interest is calculated on the balance outstanding at the end of each day, which means you immediately benefit when you make any capital repayments.

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  • Will I need insurance for my boat?

    Yes, your vessel must be comprehensively insured with a UK insurer and our interest noted on the policy. We have arranged a facility for you where cover can be obtained through insurers Haven Knox-Johnston at a 5% discount, as a valued customer of Lombard. For more details, please call Haven Knox-Johnston on 01732 223600 and mention Lombard.

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