Marine mortgages: Is your paperwork up to date?

Published: 21 July 22

Boat owners who took out marine mortgages and paid them off are being advised to check their paperwork is up to date with the UK Ship Register or risk delays when selling their boat.

The Association of Brokers & Yacht Agents (ABYA) has dealt with a number of cases where cleared mortgages continue to show up as outstanding on Part 1 of the register, preventing the sale from going ahead.

ABYA chairman, Peter Norris said the closure of marine mortgage departments by high street banks has meant some mortgages are still listed as outstanding when they have been paid off, and tracking down the paperwork is difficult.

Read the full article over at Yachting Monthly: https://www.yachtingmonthly.com/news/marine-mortgages-is-your-paperwork-up-to-date-88372

Topics

Marine Mortgages ABYA Chairman Maritime and Coastguard Agency (MCA) Financial Conduct Authority (FCA) UK Ship Register

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Marine mortgages: Is your paperwork up to date?

21 July 22

Sales of boats are being delayed in the UK because cleared mortgages continue to show up as outstanding on the UK Ship Register.