Seafarer mortgage for UK yacht crew paid in Euros

The Scenario

This client had been directed to our experience in setting up mortgages for seafarers. He and his wife had found their dream first-home for £310K: a smallholding in west Wales, with space to bring up their two-year-old and the baby on the way.

He’s chief engineer on a chartered classic 3-masted superyacht in the Mediterranean, earning €72,000 a year tax-free.

Like many yacht crew, he was unclear about what advantages his tax-free earnings might give him as a buyer, and whether he’d be eligible for a UK mortgage at domestic or expatriate rates.

The Solution

We were able to clarify his eligibility for the HMRC Seafarers Earnings Deduction.

The  couple were looking for a five-year fixed rate, because – with their wage-earner’s extended absences for work – they didn’t want to be renegotiating their mortgage in just two years’ time.  We found them a rate of under 2% on a 25-year term: they’re delighted.

Read more about seafarers’s mortgages here

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