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Continued demand for rental property in UK remains strong, despite average rents rising. With more property stock trickling onto the market since the turn of the year, the opportunities are certainly there for those looking to invest in buy-to-let property. It is for this reason that many yacht crew engage the services of CrewFO to access advice and guidance from their mortgage broker partner.
The chosen broker has worked alongside CrewFO for many years and they fully understand the challenges yacht crew face when it comes to buying property and raising a mortgage. Their success rate is very high, but it is their advice and guidance which can help enormously in the early stages when thinking about buying property. Here’s why now is a good time to look for financial advice – the UK rental demand is sure staying strong!
Deposit Or Not To Deposit?
Some yacht crew do not want to commit their savings to a deposit for a property to use as their main residence, simply based on the relatively small amount of time they are likely to spend in it during the coming years whilst they are yachting. As such, many have invested in property which they rent out to bring in a passive income alongside their salary.
For some yacht crew, the purchase of a main residence is the second or even third property purchase they make, sometimes when circumstances dictate a permanent main residence becomes more of a necessity. However, by this point they already have the investment property running in the background, either generating additional income or working towards owning an asset with no mortgage in the future.
Navigating A Tricky Landscape & Who To Contact
However, buying rental property when you work outside the UK and are paid in a foreign currency (Euros or Dollars) can be a tricky landscape to navigate, especially if it is the first property purchase a person is making (First Time Buyer). The scenario will therefore most likely come with restrictions when it comes to raising a mortgage and limited options on the type of property that is acceptable to a mortgage lender that can be bought for the purpose of renting out.
Many yacht crew engage the services of CrewFO as we fully understand the challenges they face when it comes to buying property and raising a mortgage. The success rate of the CrewFO mortgage broker partner is very high, but it is their advice and guidance which can be helpful in the early stages when thinking about buying property.
Find out how Crew FO can help you with your finance here.
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