Superfast seafarer mortgage: non-expat rate, in just 4 weeks

Our seafarer client had been told he needed an expat mortgage, and had been quoted a rate of over 3%, with early repayment charges, hefty product fees and valuation costs.

In these situations, the savings that can be made with advice from an experienced mortgage broker are substantial.

The Scenario

He’s a marine IT specialist working around the world, who was buying his first property: a £212K cottage in Devon.

He earns £63K a year, paid in Euros by a yacht management company based in the Cayman Islands, and had been advised that he needed an expat mortgage

The Solution

Our client files UK tax returns, and claims his 100% Seafarers Earnings Deduction, so we were able to advise him that he’s eligible for a non-expat mortgage at UK-based rates: a five-year fix at 2.2%.

And he got the funding in four weeks: from application to money in his bank. Which is pretty damn fast for a residential purchase application.

How did we manage it? We understood what was important to our client. He was on the ball, and he had no credit issues. All his documents were ready, including his SA302 copies of his tax returns from HMRC for the last three years.

The lender we took his application to does Day One valuations, and only needed to see one payslip because of the low LTV.

Our client used one of the very experienced solicitors on our panel - we recommend them because they’re extremely efficient.

And our in-house case manager chased the application and kept our client informed all along the way.

Read our free guide to UK mortgages for seafarers