Seafarer Mortgage Applications FAQs:
There seems to be a lot of uncertainty surrounding the application process and eligibility of seafarer’s obtaining a mortgage in the UK. Many clients contact us saying they have tried everywhere but to no avail, or many have got a decision in principles only to then get declined upon application. Due to our expertise in this field, we know exactly which lenders to approach based on your individual circumstances, and how to ‘package’ your application to ensure success.
Below are a list of FAQs:
1. My income is in USD/Euros, are there any lenders that accept this?
Yes, we have a number of lenders that are happy to accept this income.
2. Do all lender’s deduct 25% of my income because I am paid in a foreign currency?
No, whilst it is true that some lenders do this, we work with lenders that do not follow this practice.
3. Do I have to have payslips in order to get a mortgage?
No provided you have tax returns to verify your income then lenders will use this.
4. Do I have to have a permanent contract in order to get a mortgage?
No, provided you have 6 months remaining on the current contract, lenders will accept this.
5. Can I purchase an investment property if I don’t own my own residential property?
Yes, absolutely. Whilst some lenders require you to own your own property, we work with lenders that allow you to buy your first property as a buy to let.
6. What deposit do I need for a Buy to Let property purchase?
A minimum of 25% deposit, and £25k income per annum.
7. What deposit do I need for a residential property purchase?
A minimum of 10% deposit, if your credit score is excellent.
8. I am a non UK resident or national, can you get me a mortgage?
This depends on your individual circumstances, but it is possible yes.
9. Do I need a decision in principle in order to get a mortgage?
Yes, a decision in principle is required by estate agents before they will accept an offer on a property and is always completed prior to an application.
10. How quickly can I get a mortgage offer?
To get an approved mortgage, you can expect to wait 2-4 weeks, depending on the lender
If you have any questions that we did not answer in these FAQ’s, please get in contact with a member of the team, who would be happy to help:
Click here to get in touch
*Your House may be repossessed if you do not keep up with your mortgage repayments*