It would be great to think that buying a property and getting a mortgage in the UK is simple and straightforward, and for some it can be. However, for many yacht crew some preparation and planning are required to make sure they are in the best position possible to get the mortgage they need when they want it.
Unfortunately, having a job and a deposit is not always enough because mortgage lenders have certain requirements when considering a person for a mortgage, and these requirements can be more restrictive for yacht crew paid in a currency other than GBP.
To avoid disappointment when you feel the time is right to buy a property, it is important to invest some time and effort in advance so that the potential success rate is as high as it can be when a mortgage is required. Failing to prepare could result in disappointment, or an avoidably long process whilst the necessary documents and information are collated.
Given the potential complexities, yacht crew are encouraged to engage with a mortgage adviser at an early stage in their purchase journey, so that they can get ‘mortgage ready’ in advance of the time a mortgage is needed. The mortgage adviser can also answer any questions you may have, provide advice, hints and tips on how best to prepare and discuss the potential pitfalls to avoid if a purchase is on the horizon.
Crew FO have been partnered with an experienced mortgage broker for many years and their advisers fully understand the challenges that can be faced by yacht crew. The advisers are happy to discuss your personal situation and your future plans with you at no obligation, so that you can prepare in the best possible way.