April and May have seen a flurry of positive enhancements to mortgage lender criteria and some relaxation to mortgage affordability calculations. This combined with recent reductions to the Bank of England base rate could be a huge encouragement to those thinking of buying their first property or maybe growing their existing UK portfolio.
This news will be welcomed by many yacht crew who have wanted to buy property but have not quite been able to secure the size of mortgage they needed based on the lender affordability assessment calculations. However, with the improvements seen across the market it is now possible a larger mortgage may be available compared to what might have
been just 3-6 months ago.
Clearly there are many other factors to consider aside from the affordability of the mortgage when buying a property, be it a purchase for a main residence or an investment rental property.
Many perspective buyers find it extremely useful to engage with a mortgage broker at the early stages of their house buying journey, to make sure that everything is in order when they find themselves in a position to buy.
This is where the experience and guidance of the mortgage advisers, who understand the challenges faced by some yacht crew when it comes to getting a mortgage, can prove to be vital during the preparation stage in the months before buying a property.
CrewFO are able to connect members with the services of a mortgage broker whose
advisers have many years’ experience helping yacht crew and seafarers.
