Just as you can use a house mortgage as security for a loan from a building society or bank, it is possible to do the same with a fishing boat.
Unlike a mortgage over a house or other land, a mortgage over a fishing boat is in fact a statutory mortgage permissible as a result of the provisions of the Merchant Shipping Act 1995.
Most financial institutions will consider taking a mortgage over a vessel, but there are a number of pitfalls and specific issues relating to vessels that would not apply to a mortgage over land.
One
