You are here: Home >> Lenders >> Boat, Yacht and Marine Mortgages
Spanish Boat, Yacht and Marine Mortgages
There are a variety of companies and lenders offering Boat and marine Mortgages throughout Spain. These loans can be arranged through Spanish Banks and other lending resources. The process is, in most cases, very similar to arranging a mortgage on your Spanish home.
You will need proof of income, and other forms of paperwork that are usually required for arranging a mortgage click here for a full list of requirements.
Once you have everything you need, you should be able to borrow up to 75% of the value of the vessel. Apart from your salary / income, the mortgage is secured against the boat.
However, before the mortgage is completed, the boat will have to undergo a rigorous survey to prove that it is not only seaworthy but is also worth the money you are paying for it!
The interest rates payable on yacht / boat mortgages are much the same as a property purchase. The rates are pegged against the Euribor and since the introduction of the Euro, these rates have been lower than the base rates set by the Bank of England making it a wise decision to purchase a boat or yacht in Spain using a mortgage.
These mortgages will usually be paid over 10, 15 or 20 year period and early payments are typically not frowned upon which makes it an ideal way to finance the purchase of a boat or yacht in Spain.
View a full list of items you will need to complete your Spanish mortgage by viewing our Spanish Mortgage Checklist.