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Yacht crew can often find it difficult to get a mortgage in the UK, primarily due to the limited time they spend in the UK and the fact many are paid in Euros or Dollars, which are regarded by mortgage lenders as a ‘Foreign Currency’. This combination means that many mortgage lenders will not consider providing a mortgage in the UK, but Crew FO have been partnered with a mortgage broker for many years who understand the challenges faced by yacht crew with temporary contracts, and they are experienced in finding mortgages for them.
Add in to the equation a history of temporary or fixed term contracts and potentially significant gaps between contracts, rather than permanent employment positions (with no contract end date), and the availability of a mortgage in the UK becomes even more difficult.
Given the potential complexities it is recommended that any yacht crew thinking of buying a property in the UK contact the mortgage advisers at an early stage in the process so that an assessment can be done and advice provided regarding the potential availability of a mortgage based on their individual situation and recent employment history.
A mortgage adviser will be able to provide expert advice and personalised hints and tips on how to prepare yourself, ready to get the mortgage you want when you need it. The advisers will be happy to discuss your circumstances and future requirements at no obligation.
Find out more here on what 2025 will offer yacht crew looking to buy property in the UK.
CrewFO are able to connect members with the services of a mortgage broker whose advisers have many years’ experience helping yacht crew and seafarers, and as such understand the challenges working on a superyacht bring when looking to arrange a mortgage. Click here for more information on CrewFO services.
