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Boat Finance UK

When it comes to buying a boat there are similarities with the basic principles of house buying and indeed there are differences. Unlike a house, which generally is bought in order to provide you or at least somebody with a place to live, boats are bought for a whole variety of reasons. A boat can be a dwelling, a business craft or an object of simple pleasure and indulgence.

The big difference between a boat and a house, when it comes down to economics, is that the boat will usually depreciate in value as it ages whilst bricks and mortar usually, although not always, represents an investment for the long-term future.

Of course that does not mean that buying a boat may not be expensive. A small vessel may cost as little as a couple of thousand pounds but a larger one can be an enormous financial commitment. Frequently a buyer may find himself or herself in need of some help to make the purchase possible.

In the United Kingdom there are essentially two ways of obtaining boat finance.

One is through a marine mortgage, which is taken out using the boat itself as security and operates upon a similar principle to a mortgage on a house. In this instance the lender would have a claim over the boat itself in the event of default. The second is a simple unsecured loan. Both would feature under the general heading of boat finance UK, and both would in likelihood be offered by a specialist company or agency with some kind of expert knowledge in the field.

Such a specialist is not as rare a creature as one might imagine. Most high street banks will have somebody on the team who has knowledge and experience in offering boat finance UK and will make such a person available to speak to you by appointment. Historically it has been a low risk area of operation for the banks and the major lenders and your business is likely to be valued.

A loan taken out specifically for this purpose, particularly in the case of a boat mortgage, has the advantage of being available, usually, at a far more generous interest rate than would a general loan taken out for an unspecified purpose. In that respect the comparison with a house mortgage can be a good one, notwithstanding the essential difference in the nature and the character of the purchase.

 
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