UK Mortgage For International Seafarer

Area
SW London
Capital Raised
£1.03M

Land ho… The high-earning crews of international superyachts can run aground on some inflexible lending criteria when they want to drop an anchor in the UK property market. But we're experienced in dealing with their specialised non-expatriate status.

The Scenario

Our client is a 35 year-old British superyacht captain working for a yacht management company based in the Cayman Islands. His salary is in US$ which his employer converts and pays as sterling into his UK bank account.

After years as a high salary earner on the high seas he was looking to buy his first property back home in the UK. On his most recent return to the UK he found the 5-bedroom house he wanted, close to Streatham Common.

The vendor had already been let down by a previous purchaser. Our buyer was putting down an unusually large deposit for a chain-free first-time buyer (30%+) and was in an excellent position to negotiate a substantial discount – if he could get his mortgage valuation booked within a week.

The vendor’s estate agent’s in-house broker sourced a two-year fixed mortgage for our buyer - at an expatriate rate of 3.51%, because he was "based overseas" and paid in US dollars.

They hadn’t really understood his situation to come up with such a hefty rate. Plus our client really wanted a longer fix: having spent this much time securing the sale, he didn’t want to go through the whole process of remortgaging in two years’ time.

The Solution

We were looking amongst lenders who would accept US dollar earnings, and who would do the valuation quickly.

And we could demonstrate that our client was based in the UK: he stayed with his family on the Isle of Wight every time he had leave, and submitted annual UK self-assessment tax returns, claiming the Seafarers Earnings Deduction. 

We went to a lender we know instructs valuations within 24 hours. We packaged our client’s application to present him clearly as a non-expatriate and the mortgage offer for 1.97% for a five-year fix was made the following week.

Read our free Complete Guide to Seafarers UK Mortgages »

Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.

Mathew Phillips

Finance Broker

Bristol

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

Bristol

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

Bristol

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

Bristol

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

Bristol

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

Bristol

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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