Aircraft mortgages

A mortgaged aircraft can be used as collateral to a debt. A confirmed aircraft mortgage remains valid for ten years from the date of confirmation unless it is separately discharged. A valid aircraft mortgage can also be renewed, with the mortgage remaining valid for ten years from the date of renewal. The debt instruments used for aircraft mortgages are most commonly bearer bonds.

Provisions on aircraft mortgages are laid down in the Act on Aircraft Mortgages (211/1928) and the Vessel Mortgage Act (211/1927). For instructions on applying for the confirmation, renewal and discharge of an aircraft mortgage, see below or the document Aircraft mortgage instructions (L 3/2003).

Mortgage decisions are subject to a fee, see fees for services (aircraft registration and mortgaging).

Trafi will record a certification of the confirmation, renewal or discharge of an aircraft mortgage in both the debt instrument and the Aircraft Register.

Applying for confirmation for an aircraft mortgage

Confirmation of an aircraft mortgage must be applied for in writing using the form intended for the purpose. The mortgage may be applied for by the owner of the aircraft or a party with claims on same (creditor). If the creditor is the applicant, the owner's written assent is required for the mortgage.

The mortgage application must uniquely identify the mortgage object and the monetary receivable(s) for the collateral of which the mortgage is confirmed. The application must include the capital, interest and any renewal and recovery fees.

Where applicable, the following must be attached to the application:

  • the original bearer bond(s)

    The bond must indicate the capital, interest and recovery/renewal fees, and the mortgage object and the debtor. The bond must be signed by the debtor in accordance with the debtor's rights of representation marked in the trade register or register of associations. Additionally, two persons must witness the bond with signatures and names in block letters.

    If the debtor is different than the owner of the aircraft, the bond must also have the aircraft's owner's consent to the mortgage. If the party signing the bond does not own the aircraft to be mortgaged, or if the bond is only being issued by some of the owners registered for the aircraft, consent must be obtained from the owner / other owners of the aircraft. The consent statement may be entered under a separate ‘Owner’s consent’ heading in the bond document or, alternatively, in a separate document.

  • Decision on applying for the mortgage (internal decision by a legal person)

    If the applicant is a company, association or a foundation, a copy of the decision by a competent body (for example, minutes of a board meeting) authorising application for an aircraft mortgage and recognition of the bearer bond. The decision to recognise the bearer bond related to the aircraft mortgage must specify the type, capital, annual interest rate and any recovery and renewal costs of the bond. It must also uniquely identify the aircraft being mortgaged (the registration of the aircraft and/or other sufficient identifying information).

  • any power of attorney or other document (for example, an extract from the Register of Companies for foreign companies or associations), that indicates the document's signatory's power to sign.

Applying for renewal or discharge of an aircraft mortgage

Renewal or discharge of an aircraft mortgage must be applied for in writing using the form intended for the purpose. When an aircraft mortgage is being renewed or discharged, the original bonds belonging to the mortgage must be attached to the application. Mortgage renewal may be applied for by the party who has the original bond in its possession.

If the original bearer bond is missing, the mortgage may be discharged once the bearer bond has been annulled at a District Court. In that case, the original decision of the District Court annulling the bearer bond and a certified copy thereof must be attached to the application.

Contact information

E-mail: ilmaalusrekisteri(at)trafi.fi

Telephone +358 29 534 6333 or
+358 29 534 5000 (switchboard) (normal call charges apply)

Fax +358 29 534 5606

Finnish Transport Safety Agency
Aircraft register
PL 320
FI-00101 HELSINKI

Aircraft mortgages:
Finnish Transport Safety Agency
Aircraft register
PL 9
FI-96101 ROVANIEMI