Low cost UK remortgage for seafarer

Capital Raised

This was a case that was almost too niche for the lender to consider. We had to demonstrate clearly how our client did meet their non-expatriate criteria. And find a borrowing sum that would allow him to continue his renovations, but was affordable month to month.

The Scenario

Our client is a 35 year-old UK national who works at sea as a maritime engineer. He’s paid in US dollars (£70K sterling equivalent), is a UK resident and files a UK tax return.

He had recently bought his first property, in Bristol, on a tracker mortgage for £235K: a doer-upper that needed a lot of work. Now that he’d done some major renovations he wanted to remortgage to get onto a fixed rate and also access further funds to continue improvements.

The Solution

The lender was initially perplexed that our client’s residential mortgage address was in Bristol but his registered employer is in Scotland  – wasn’t that a very long commute? (We explained again about his seafarer status.)

They weren’t willing to increase the mortgage by the full £65K our client was looking for. But we were able to assure the bank that their offered £52K would be sufficient to allow him to progress the improvements in stages.

By extending the mortgage over the maximum available term of 34 years and 10 months we could keep our client’s monthly outgoings as low as possible (increasing only from £758 to £851), allowing him to part-fund the ongoing renovations from income.

At the end of his fixed rate our client can either remortgage again, against the increased value of the property, or get a further advance on this mortgage.

The set up cost of this remortgage was 1.59% for a two-year fix, with a free valuation, only one set of legal costs, and a £250 cashback to set against the lender’s product fee.

By contrast, the same bank’s international branch, assessing him as an expatriate, would have offered a rate of 3.39% for two years, plus lender fee, valuations and legal costs which would have added up to £2,150.

Read our Complete Guide to Seafarers' Mortgages »

Mathew Phillips

Finance Broker


0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Alex Chambers

Senior Finance Broker


0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

Luther Yeates

Senior Finance Broker


0117 244 5561

Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Sam ONeill

Senior Finance Broker


0117 959 5094

Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.

Robert Gibb

Senior Finance Broker


0117 959 5094

Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.

Adam Arnott

Associate Director


0117 205 0214

Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.

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