In setup, a ship mortgage is similar to a house mortgage: the boat is considered security for the loan. The interest charged on a ship mortgage is often significantly lower than for a personal loan. Common terms for a ship mortgage include:
- Financing 50% to 80% of the purchasing price
- Minimum sum of €20,000
- Runs for 10 to 15 years
Taking out a ship mortgage requires you to register your boat with the Dutch shipping register via the Cadastre. HISWA brokers can assist you in the process.