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Once you've decided on the boat of your dreams, financing it is the next step

Lombard Marine Finance offers variable rate marine mortgages, with security being taken over the vessel that is being financed. With variable rate mortgages lump sum payments 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.

One of the most popular facilities available is a Balanced Payment Plan mortgage where the monthly payments remain fixed through the period of the agreement. The estimated term of the agreement however will vary according to fluctuations in Finance House Base Rate (FHBR). Lombard is able to offer this facility in both Euro and US Dollar funding, with these facilities being linked to one month Euro and US Dollar LIBOR (London Inter Bank Offer Rate) respectively. This is particularly favourable should you earn an income and also be purchasing your boat in these currencies, as there is no exchange rate risk.

Other options available are a Low Start Mortgage whereby the monthly payments are lower in the first 3 years of the agreement. The monthly payments however increase slightly on an annual basis. Alternatively, an interest only mortgage can be considered, subject to terms and conditions, with the interest-only period being restricted to a certain period - for example 12 months, with the facility thereafter reverting to capital and interest repayments for the remaining estimated term.

Again, depending on the level of borrowing Lombard Marine Finance can consider Structured Repayment mortgages which are tailored to individual requirements, or a Balloon Payment mortgage, or a 15 year Annual Review mortgage where the monthly payments are reviewed on an annual basis and increased/decreased in line with Finance House Base Rate fluctuations.

 
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