The internet can be a minefield of information and advice and there’s certainly no exception when it comes to mortgages.
Just about every lender, finance or money-saving website offer mortgage affordability calculators, tempting new clients their way.
But it must be remembered that these are generic, one size fits all calculations that don’t take into consideration the many and varied criteria that mortgage lenders require.
Even more worryingly, especially in the current climate, the information may be woefully out of date.
There are a multitude of products, rates and lenders all competing for your money and it can be confusing to make headway through the options available.
Without expert advice you may end up with a mortgage rate that will cost you more in the long term.
The answer? Use a mortgage broker... but beware, not all mortgage brokers are built the same!
Read on to find out more or click a jump link below to skip to a chapter that interests you.
Finding a Suitable Broker
As a seafarer, your mortgage funding requirements may be more complicated than others and your personal situation complex.
You need a mortgage product that offers the flexibility your life demands and a broker that can work with your unusual needs, such as changing time zones and restricted free time to undertake demanding admin.
A good, specialist broker will be able to provide extra support in preparing and presenting the required information for a mortgage application, and they will understand and appreciate how your income works.
Additionally, not all brokers have access to the best rate deals available.
Often only trained and certified mortgage brokers, who have vast experience building relationships with the lenders, are privy to these.
They are also kept up to date with every change that lenders make to their products and rates and usually have whole market access, including mortgage products not available to the general public.
This means they are not tied to a limited number of products or lenders and can tailor a product that is exactly right for your needs.
Foreign Income Factors
Your income may not be paid in sterling and you may also have a foreign bank account or a non-standard employment contract.
Most non-specialist brokers may not understand the complexities that these slight nuances can cause when applying for a mortgage deal.
They will need you to spend time explaining how these work to them, or worse, disregard anything they don’t completely understand, just to make a sale.
Which is why it is imperative that you use a specialist mortgage broker.
It may not just save you time, it should also save you money.
Some of our clients have told us of their experiences when they tried to get a mortgage through non-specialist advice.
And there’s a reason they are now all clients of Mortgages for Yacht Crew, as you will read next:
Tom engaged a mortgage broker who promised lower interest rates and a higher loan amount than we had been able to offer, and obtained a decision in principle for him.
However, when he was ready to move forward to a full mortgage application, he was declined by the lender as his earnings were not in sterling.
We had already warned him of this, and even that this specific lender did not allow foreign currency income, but the other broker promised they did.
Needless to say, Tom came back to Mortgages for Yacht Crew and we have managed to secure him a mortgage offer.
Luke was looking for a mortgage with a long repayment term to keep his monthly costs as low as possible.
He decided to use another broker who found him a lender that could offer a 35 year term.
Fortunately, before he submitted his full application, he decided to speak to Mortgages for Yacht Crew to double check the advice he’d received.
We were able to confirm that this lender did not allow 35 year terms for clients earning a non-sterling income.
And even more fortunately, we were able to source him a lender who would!
Hannah found a broker who sourced a mortgage for her, unaware that the lender would deduct 25% of her salary to allow for exchange rate fluctuations.
As the broker hadn't factored this in, the mortgage was declined on affordability.
Here at Mortgages for Yacht Crew, we were able to find a lender that would allow for her full income and secure her mortgage.
Specialist mortgage advisors like us understand the complexities that your employment throws up.
We know which lenders will accept your application based on your personal circumstances and credit history.
Although we charge fixed fees for our services, those fees are easily set off against the savings you make in time, hassle and mortgage payments.
If you’re thinking of getting a mortgage, do speak to us first - we get you!
IMPORTANT: Mortgages for Yacht Crew does not provide advice in relation to savings and investments. This article is intended for discussion only and does not propose financial advice in any way, and therefore should not be construed as such. Your property may be repossessed if you do not keep up with mortgage repayments.