September 2026 newsletter
- Authors
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- Name
- Emily Brook
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MFYC September Newsletter
As we head into September and the start of a new season, we’re pleased to share our latest thoughts on the housing and mortgage market. Whether you’re considering your next move, reviewing your current mortgage, or simply keeping an eye on the market, we hope you’ll find this month’s update useful.
There are some encouraging signs emerging, with greater choice for buyers, more measured house price growth and continued efforts to make the homebuying process simpler and more efficient. As always, we’ll continue to keep you informed of the key developments and what they could mean for you.
Housing market showing stable growth and improved affordability
The current housing market continues to present a number of encouraging developments for buyers, alongside a more measured pace of price growth. House price growth has remained relatively modest and, in many areas, has been below the rate of wage growth or general inflation. This means that, in real terms, affordability has improved compared with previous market peaks. With annual house price growth at around 1.6%, the market appears to be experiencing a more stable period of growth rather than the rapid price increases seen during previous cycles.
Buyers are also benefiting from greater choice and, in some areas, increased negotiating power. The number of homes available for sale is approximately 5% higher than a year ago, providing purchasers with a broader range of properties to consider. In parts of the country, higher levels of available stock may also give buyers greater scope to negotiate on price and terms, although market conditions continue to vary considerably by location and property type.
There are also ongoing efforts to make the homebuying process more efficient. Proposed and developing reforms, including greater use of digital information and changes designed to provide more certainty earlier in the transaction, are intended to reduce delays and the number of transactions that fall through. Some estimates suggest these measures could reduce the time taken to complete a purchase by around four weeks, although the precise impact will depend on how reforms are implemented and adopted.
For those looking to purchase their first home, schemes such as First Homes, Lifetime ISAs and Shared Ownership remain available subject to their respective eligibility criteria and terms. These initiatives may provide additional routes into home ownership for qualifying buyers. As with all property decisions, individual circumstances, affordability and local market conditions should be considered carefully, and prospective buyers should seek appropriate professional advice where required.
Can Seafarers Use Tips and Bonuses for a Mortgage? How Additional Income Can Increase Your Borrowing
If you're a seafarer applying for a mortgage, you may be wondering whether your tips, gratuities or bonuses can be included when a lender calculates how much you can borrow.
The answer is yes – many mortgage lenders will consider additional income, provided it can be evidenced and has been received consistently. For cruise ship employees, yacht crew, Merchant Navy personnel and offshore workers, this could significantly increase your maximum borrowing amount.
In this guide, we'll explain how lenders assess seafarer income, what evidence you'll need and why working with a specialist seafarer mortgage broker can help you secure the most suitable mortgage.
Do Mortgage Lenders Accept Tips and Bonuses?
Many lenders recognise that a seafarer's total earnings often extend beyond their basic salary. Depending on the lender's criteria, the following types of income may be included in your affordability assessment:
Tips and gratuities
Service charges
Performance bonuses
Annual bonuses
Contract completion bonuses
Overtime
Commission
Productivity or retention bonuses
Not every lender has the same policy. Some will include 100% of your additional income, while others may only use 50% to 75% when calculating your borrowing potential.
This is why choosing the right lender is just as important as having a strong income.
Why This Matters for Seafarers
Unlike many UK-based professions, seafarers often receive a lower contractual salary while earning substantial additional income throughout the year.
For example:
Basic salary: £38,000
Annual tips and gratuities: £18,000
Performance bonuses: £6,000
Total annual income: £62,000
If a lender only considers the basic salary, your borrowing capacity may be significantly lower than if they assess your full earnings.
For many cruise ship employees and yacht crew, this difference can amount to tens of thousands of pounds in additional mortgage borrowing.
What Evidence Do Lenders Need?
The key to using tips and bonuses towards your mortgage application is proving that the income is genuine, regular and sustainable.
Most lenders will ask for evidence such as:
Recent payslips showing tips or bonuses separately
Employment contracts
Employer references if required
Bank statements confirming the income has been received
P60s (where applicable)
SA302 tax calculations or Self Assessment tax returns
Accountant's confirmation for self-employed or contract workers where relevant
The stronger your evidence, the more confidence an underwriter has in including your additional earnings.
Consistency Is More Important Than One-Off Payments
Mortgage lenders are generally interested in income that is expected to continue.
If you've received similar levels of tips or bonuses over the last 12 to 24 months, many lenders are more likely to include them in your affordability assessment.
However, one exceptional bonus or unusually high gratuity received during a single contract may not be fully taken into account.
Consistency is what lenders value most.
Tax Returns Can Strengthen Your Mortgage Application
For seafarers completing Self Assessment tax returns, declaring tips and bonuses provides additional evidence that the income is genuine and recurring.
When your tax returns match your payslips and bank statements, lenders gain greater confidence that your total income is sustainable.
This can improve the likelihood of your additional earnings being included when calculating your borrowing limit.
Why Use a Specialist Seafarer Mortgage Broker?
Not every lender understands maritime employment.
Some lenders automatically disregard gratuities, while others have dedicated underwriting teams experienced in assessing seafarer income.
A specialist seafarer mortgage broker can identify lenders that:
Accept tips and gratuities.
Include bonuses in affordability calculations.
Understand foreign currency income.
Are familiar with rotational contracts.
Have experience with cruise ship employees, yacht crew and Merchant Navy personnel.
Choosing the right lender could significantly increase the amount you are able to borrow.
Frequently Asked Questions
Can cruise ship tips count towards a mortgage?
Yes. Many lenders will consider cruise ship tips if they are regular and evidenced through payslips, bank statements and tax returns.
Can bonuses increase my mortgage borrowing?
Yes. Regular bonuses may be included in your affordability assessment, depending on the lender's criteria.
Do I need tax returns?
If you're self-employed or complete a Self Assessment tax return, lenders will often request SA302s or tax calculations to verify your income.
Will every lender accept tips?
No. Mortgage criteria vary between lenders. Some will ignore gratuities entirely, while others will include all or part of them if they are well evidenced.
Final Thoughts
If you're a seafarer, don't assume your mortgage affordability is based solely on your basic salary. Tips, gratuities and bonuses can form a substantial part of your annual income, and many lenders are prepared to take them into account when calculating how much you can borrow.
The key is providing clear, consistent evidence through payslips, bank statements and tax returns. By working with a mortgage adviser who understands the maritime industry, you can ensure your income is presented in the strongest possible way and maximise your borrowing potential.
Whether you're a cruise ship employee, yacht crew member, Merchant Navy officer or offshore worker, your additional earnings could help you secure the mortgage you need to purchase your first home, move to a larger property or invest in a buy-to-let or holiday let.
Holiday let mortgages & Some buy to let mortgages are not regulated by the Financial Conduct Authority.
Have you future-proofed your income?
What if you sustained an illness or injury and were unable to work. How would you fund your current lifestyle? And if you have a family, how would you continue to support them? Income protection is a plan that will pay a monthly proportion of your salary to help see you through the unexpected.
The policy is designed to pay out up to 60% of your gross salary, monthly (tax free) should you be unable to work due to accident or sickness (e.g. mental health/broken bones/bad back/more serious illnesses etc).
If you would like to know more about this and obtain a quote then please contact one of our helpful and friendly team members.
We do not charge a fee for this service.
Clare - clare.viner@mortgagesforyachtcrew.com
Emily - emily.brook@mortgagesforyachtcrew.com
5* Reviews
Fantastic and easy process from start…
Fantastic and easy process from start to finish, including assisting with income protection. Would highly recommend this mortgage broker as Clare and Emily made the whole process seamless. Everything was done and completed within weeks. A lot of the thinking was taken away whilst I was away at sea which put my mind at ease.
If you have any questions or concerns about your fixed rate mortgage, please do not hesitate to contact any of us here at Mortgages for Yacht Crew or our sister company Marine Accounts for guidance. Don’t forget that you can get yourself locked into a new deal 6 months prior to your fixed rate coming to an end.
This does not mean you are stuck if rates fall again, when the time arrives, it simply allows you to have the most suitable rate available at that time. We will always check the most suitable rates one week before it’s due.
If you think you may be affected by any of the topics above and are unsure of your position, you can contact clare.viner@mortgagesforyachtcrew.com for advice.
Kindest regards,
Clare Viner
Principle Mortgage Advisor
T: 07773 355523
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