How the mortgage certificate works
The flag issues the mortgage certificate based on the loan agreement between the bank and the ship owner.
The flag first issues a provisional certificate, called the “preliminary mortgage certificate”, and then the full-term mortgage certificate.
Unlike registration, the owner can choose: get the preliminary certificate first and then the full term, or wait for the full-term certificate only.
Waiting for the full-term certificate saves the cost of the preliminary one. Banks usually ask for the mortgage certificate from the flag before they pay the loan to the owner, so most owners request the preliminary certificate first.
The flag takes about two months to issue the full-term mortgage certificate.
Documents you need
- Mortgage excerpts (the same as the registration application; it serves as the application for the mortgage certificate)
- Copy of the bank loan agreement
- Passport copy of the ship owner