There seems to be a lot of myths and misunderstanding surrounding mortgages and yacht crew. The 5 main myths that pop up all the time when initially speaking to clients:
1. I need a permanent contract in order to get a mortgage?
False: If you have fixed term contracts, and can evidence 2 years history via tax returns, and at least 6 months remaining on your current contract, then you can still get a mortgage.
2. I need payslips to get a Mortgage?
False: As long as you have 2 years tax returns then this is fine.
3. Interest rates available to seafarers are much higher than someone working in the UK?
False: Seafarers have access to the same competitive rates as the average person working in the UK.
4. Because I don’t pay tax in the UK I will be able to get a much larger mortgage than I would if I did pay tax?
False: The maximum loan amount is calculated based on a person’s gross salary (i.e. before tax), so the fact that no tax is deducted doesn’t make a difference.
5. I can’t get a Buy to Let Mortgage if I’m a first-time buyer?
False: We work with lenders that are happy to offer first time buyer Buy to Let mortgages, at the same competitive interest rate as anyone else.
Contact an experienced member of the Mortgages For Yacht Crew team today, to arrange a free consultation!
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*Your House may be repossessed if you do not keep up with your mortgage repayments*