Yacht Crew Mortgages
Seafarers earning in Euros, Dollars or another foreign currency have always faced difficulties getting a UK mortgage. Our very high success rate in achieving Yacht Crew Mortgages has been achieved via specialising in Crew and understanding your unique circumstances.
What are the Opportunities for Yacht Crew?
Rule changes have created a great opportunity for seafarers and yacht crew who are planning an Investment Property Portfolio or already have one. A significant lender who is Yacht Crew “friendly” has recently confirmed some useful changes.
The good news is that the lender now accepts up to ten Investment properties. This makes for a very useful property portfolio which should create significant profits for crew. Added to this is a major tax benefit for Yacht Crew (more later).
New Criteria
Be prepared to provide more detailed information to the lender to underwrite a Buy-to-Let mortgage portfolio as follows:
- Personal income will be assessed. At least £25000 is needed before any discussion can take place.
- A clean credit history is essential.
- Each individual property will be assessed, not just the whole portfolio. Each one has to stack up on its own.
- Your residential property mortgage will also be checked for affordability.
• For portfolio applications (over 4 properties), experience as a landlord, use of letting agents and plans for expansion will all be assessed.
Maximum borrowing with this particular lender is £3.5 million and the minimum deposit on a Buy-to-Let property is 25%.
Who Can We Help?
We deal with Seafarers who intend to build a UK property portfolio. As Yacht Crew Mortgages have been notoriously difficult to attain, specialist advice is needed to help you through the mortgage maze. We can help if you:
- Are UK tax resident.
- Have a clean credit history.
- You could be a first-time buyer or first-time landlord or have an existing portfolio.
- Earning in Euro, US Dollar or 16 other currencies.
Why Buy Now?
The UK property market has slowed significantly due to the continued uncertainty surrounding Brexit meaning prices have fallen. There are a number of other reasons:
- Mortgage rates in the UK are close to the lowest they have ever been.
- Lenders have the capacity and appetite to lend.
- Mortgage fees from some lenders are reducing.
- Dollar to Sterling and Euro to Sterling are extremely favourable for non-sterling earners.
Tax Advantages
One little known fact may make all the difference in the decision of Seafarers to seek a Yacht Crew Mortgage.
You are already aware that via Seafarers Earnings Deduction that you pay no UK tax on your Seafarer income. What you may not be aware of is that this concession leaves your Personal Allowance of £12500 (2019/2020 Tax Year) also remains intact.
In practical terms, this means that you can make up to £12500 profit on your Buy to Let portfolio before you pay any tax. Happy days all round!
In short: there has never been a better time to buy UK property, so call now to see how we can help!
Remember: Your property may be repossessed if you do not keep up repayments on any loan secured against it.
Got a question? Then Ask the Expert and drop Sandy a line.
Sandy Paterson DipFA, CeMAP, MLIBF
Principal
Tel: 971 42 59 86
Mobile: +44 7794 404836
Email: sandy@havenifa.com
