A strong demand for rental property during a lull in purchase activity, and the potential ability to generate a tax-free income from a UK investment property has increased the number of yacht crew looking to buy.
Geopolitical instability has driven a period of uncertainty in the UK, which in turn has resulted in a stronger demand for rental property. These factors have seen a surge in rental yields for some landlords.
Combine this with the fact that many yacht crew can utilise their unused UK personal tax allowance to offset the first £12,570 of any rental profit they make, to render this element of the rental income ‘tax-free’.
It is therefore not difficult to understand why an increasing number of yacht crew are investing in UK property. Some will buy a property to generate a passive income whilst they are at sea, whereas others will want an asset which in time will be mortgage free.
Although the proposition of owning an investment property in the UK may seem appealing, many yacht crew will need a mortgage to help them buy it, and it is here where the challenges arise.
Getting a mortgage in the UK when working on yachts and being paid in a non-sterling income is not always straight forward. However, CrewFO have partnered with a mortgage broker who understand the ‘world of yachting’ and have vast experience in helping yacht crew secure a mortgage.
Speak to one of the experienced mortgage advisers today at no obligation to discuss your investment goals. They will be able to provide valuable advice and guidance regarding your plans and requirements.
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