Working at sea comes with its own unique set of challenges, particularly when it comes to securing a mortgage. With irregular schedules, international work, and time away from home, many traditional lenders may be hesitant to approve mortgages for seafarers. However, we work with lenders who specialize in helping seafarers secure mortgage deals that reflect their distinctive lifestyle and income structure.
Challenges for Seafarers: Seafarers often face difficulties in securing mortgages due to irregular income patterns and the fact that they may be paid in foreign currencies or have no fixed address for long periods. Many lenders may also lack understanding of seafaring contracts, making it harder to meet standard mortgage criteria.
Key Features:
- Specialist lenders who understand seafaring income and contract types.
- Flexible criteria for proof of income, with a focus on average income over time.
- Ability to work with seafarers paid in foreign currencies.
What You’ll Need:
- Evidence of seafaring contracts and income, usually over the past 12-24 months.
- Proof of UK residency or a UK address for correspondence, even if you’re regularly out at sea.
- A larger deposit may be required, depending on the complexity of your income structure.
Why Work with Us?
- Access to lenders who have experience working with seafarers and understand the challenges of fluctuating income and foreign earnings.
- Tailored mortgage solutions that reflect your lifestyle and working conditions.
- Competitive interest rates and terms that are aligned with your unique financial situation.