The 2025 Autumn Budget was one of the most eagerly anticipated in recent years, with numerous changes ‘under consideration’. As such it was very difficult to predict, even for the most experience economists.
The outcome was that although there will be changes to come, the overarching feeling was that of a ‘soft landing’ for the industry. The key aspects of the budget that could directly impact the UK property and mortgage markets, and in particular yacht crew who are considering buying a property in due course, were
- No changes to current stamp duty rules
- A new ISA will be consulted on and introduced to help First Time Buyers buy a home
- Increase to taxation on rental income for landlords from April 2027 – This would only impact yacht crew who have rental income above the basic rate threshold, as many are able to utilise their personal tax allowance meaning they potentially pay no tax on the first £12,570* of the rental income their investment properties generate
*Based on 2025/26 Personal Tax Allowance and subject to individual tax status
Manoeuvring around the mortgage and property market is never straight forward, and this can understandably be more acute for yacht crew who are paid in a currency other than £ sterling.
Many yacht crew choose to use the services of a mortgage broker to help them understand their options and to help them navigate the complexities that exist for seafarers. An experienced mortgage adviser will also answer any questions they have, help make sense of any ‘jargon’ and specific criteria relevant for those working on yachts, and provide advice and a recommendation towards the best solution(s) based on individual circumstances.