Marine finance FAQs | Lombard

Marine finance FAQs | Lombard Marine finance FAQs | Lombard

Answering the most common questions about marine finance

Can I purchase a boat abroad or in another currency?

Absolutely. We’re able to make payments for vessels in sterling, euros and US dollars. We can finance boats located in many countries, providing we can register them on a UK or UK territory register.

Can I buy my boat from a private individual or do I need to buy it through a broker?

Either. You can buy your boat from a private individual or a broker – and we can help you in both cases.

Do I need a survey and valuation?

New boats don't need to be surveyed. For used boats, you'll need a current out-of-water full condition survey and valuation, commissioned by you and undertaken by a marine surveyor. Always make sure your surveyor is of good standing and has professional indemnity insurance.

Do I need to register my boat?

Normally, we only require the vessel to be fully British registered under Part 1 of the Merchant Shipping Act if it's to be kept outside UK waters; or if the level of advance is more than £100,000. For customers living in Scotland, we require Part 1 British Registration on all advances.

Will I need insurance for my boat?

Your boat must be comprehensively insured with a UK insurer with our interest noted on the policy.

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