Amongst many key aspects that UK mortgage lenders consider when they receive an application from a seafarer, one of the important things they want to see in most instances are the documents that are produced once the annual Tax Return has been fully submitted to HMRC.
Although many yacht crew will benefit from the Seafarers Earnings Deduction (SED) rules, and therefore may not be required to pay tax on the income they derive from working on super yachts, many mortgage lenders want to see that the applicant is still declaring their income in the UK.
Those new to yachting and those who may not have submitted a tax return in the UK before may not know where to start, but look no further as this is a service offered by CrewFO. The options available for yacht crew to get a mortgage in the UK are restricted, primarily based on their non-sterling income, so making sure everything else is in order is very important to give the best chance of getting the mortgage required at an appropriate time. The process on preparing for and applying for a mortgage in the UK can be quite tricky, but through a longstanding partnership with a mortgage broker who understands the challenges faced by yacht crew looking to purchase property in the UK, CrewFO are able to extend the
services of the broker to its members.
A knowledgeable mortgage adviser will be able to deliver expert advice and provide personalised tips on how best to prepare, to put you in the strongest possible position ready to get the mortgage you want when you need it. The advisers are happy to discuss your future requirements and answer any questions you may have at no obligation.
