|
Marine mortgages and Boat Mortgages in Spain are available through a number of major lending sources and traditional Spanish Banks.
Normally the process that you go through for securing a mortgage on a boat is similar to that of buying a house with a mortgage.
Providing that you have proof of income, the correct paperwork and good credit history then there is no reason why you are not able to borrow up to 75% of the value of the boat or yacht. Apart from your salary or other income the Mortgage is secured against the value of the Boat.
Before you receive the money the boat will need a thorough and rigoros survey to proof that it is seaworthy and of value
The interest rates payable on yacht and boat mortgages are similar to those paid on residential property and in Spain they are pegged to the Euribor and traditionally since the introduction of the Euro these rates have been lower than the base rates set by the Bank of England.
With mortgages on boats you will usually find that you are allowed to make early repayments and lump sum repayments and atypical lending term would be for 10, 15 or 20 years.
| 
