Wesleyan Bank - Indicative Rate Table (October 2026)
| Finance Type | Indicative Rate | Min Loan | Max Loan | Max LTV | Max Term | Key Feature |
|---|---|---|---|---|---|---|
| Asset Finance (HP, new vessel) | 7–9% | £50,000 | £1,000,000 | 75% | 7 yr | Competitive rates for established fishing businesses |
| Asset Finance (used vessel) | 8.5–11.5% | £50,000 | £750,000 | 75% | 7 yr | MCA coding essential; survey required over £100k |
| Secured Refinance | 9–11.5% | £50,000 | £500,000 | 70% | 5 yr | Release equity from existing asset for working capital |
Rates are indicative for October 2026 and subject to underwriting, vessel survey and credit assessment. Contact us for a personalised illustration.
About Wesleyan Bank Fishing Vessel Finance
Wesleyan Bank is a member-owned mutual bank - part of the Wesleyan Assurance Society - that has expanded its commercial lending into asset finance in recent years. In the fishing vessel finance market, Wesleyan operates as a patient, relationship-focused lender that takes a longer view than some of the profit-driven specialists. Their mutual structure means they are not under quarterly pressure to grow market share, which translates into consistent credit appetite and fewer sudden policy reversals.
Wesleyan's fishing vessel products cover HP and secured refinance in the £50k–£1m range. Their rates are competitive in the upper part of the mid-market - comparable to Shawbrook and Arkle for well-qualified borrowers, and occasionally beating Close Brothers on specific deal structures. The 7-year maximum term is in line with the specialist asset finance market.
As of October 2026, Wesleyan is particularly active in the Scottish and South-West fishing fleet, where they have built lender-of-record relationships with several regional fishing co-operatives and fleet operators. If your business is in these regions and banks locally, Wesleyan may have an existing appetite for your sector that accelerates the credit process.
Strengths
- Mutual structure creates consistent, patient credit appetite - less subject to sudden risk-off decisions than PLC lenders
- Particularly strong relationships with Scottish and South-West fishing communities and co-operatives
- Competitive rates in the £100k–£500k range - often comparable to Close Brothers for well-qualified businesses
- Relationship banking approach - direct contact with the credit team, not an automated portal
Limitations / Things to Know
- Less well-known nationally than Close Brothers or Hampshire Trust - some applicants need reassurance about the bank's stability
- 7-year term limit and 75% LTV align with the specialist market but are less competitive than clearing banks on term
- Not the best fit for fast-turnaround decisions - Wesleyan's relationship model takes more time upfront
Is Wesleyan Bank Right for My Fishing Vessel?
Wesleyan Bank suits established fishing businesses - particularly in Scotland and the South-West - looking for a relationship lender rather than a transactional one. If you value direct access to your underwriter, a consistent long-term credit relationship, and competitive mid-market rates, Wesleyan is worth including in your comparison. They are not ideal for urgent purchases or clients who need a decision within 48 hours.
Compare All Lenders
See how Wesleyan Bank stacks up against all 14 lenders in our best rates comparison page, or return to the hub for an overview of all fishing vessel finance options.