UK Mortgage For International Seafarer

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 a competitive expatriate interest rate because he was "based overseas" and paid in US dollars.

They hadn’t understood his situation to come up with such a hefty rate. Plus our client 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 left, 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 »

In a similar situation? Please call our mortgage expat team on +44 203 900 4322 or book a callback into our diary at a time that suits you.

Simon Mullins

Finance Broker CeMAP

Cardiff

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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Paige Dumpleton

Finance Broker CeMAP

Cardiff

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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Jonathan Moffatt

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Cardiff

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Alex Morris

Private Client Adviser

Bristol

0117 332 5061

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Scott Dutfield

Finance Broker

Cardiff

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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you

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Carly Cheeseman

Head of International

Bristol

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Nick Kerley

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Cardiff

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Louis Levine

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Sam Baker

Finance Broker

Cardiff

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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Fergus Allen

Senior Finance Broker

Cardiff

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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.

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Jacob Phipps

Finance Broker

Bristol

(+44) 0117 959 5094

Are you looking for a similar type of property finance?

I specialize in helping international clients source residential and investment property finance for UK property. Book a free telephone consultation with me at a time to suit you.

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Jack Spillane

Finance Broker

Bristol

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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. customDatabaseField-8455

Mathew Phillips

Senior 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.

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Alex Chambers

Senior Private Client Adviser

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.

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Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

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I have extensive experience finding residential and investment property finance for UK and international clients. Book a free telephone consultation with me at a time to suit you.

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Bridging Finance Team

Clifton Private Finance

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