Get approved for a UK mortgage even with foreign currency income and extended time abroad
UK Mortgages for seafarers and yacht crew working offshore
At Fox Davidson Mortgage Brokers, we specialise in mortgages for seafarers and offshore workers. We understand the unique challenges maritime professionals face when applying for a mortgage, especially with foreign currency income and extended periods away from the UK. Many traditional lenders may reject applications from those working offshore, but our expertise and strong relationships with specialist lenders mean we can help you secure a mortgage tailored to your circumstances. Whether you’re part of the yacht crew or working in commercial shipping, we guide you through every step—from organising complex documentation to presenting your income clearly—to help you find a suitable mortgage solution, even if you’ve faced rejection before.
Why Choose Fox Davidson’s Specialist Seafarer Mortgage Services?
Working with Fox Davidson means you benefit from our deep knowledge of mortgages for seafarers and our commitment to securing the best possible deal for you.
- Access to Specialist Lenders – We collaborate with mortgage providers who accept foreign currencies including EUR, USD, and other major currencies, ensuring your earnings are properly considered.
- Expertise in Seafarer’s Earnings Deduction – We fully understand the SED tax status and how it impacts your mortgage application with UK tax authorities. We emphasise the importance of completing your annual UK tax return to maintain eligibility and support your application.
- Comprehensive Documentation Assistance – Our team helps you organise employment contracts, bank statements, tax returns, and income verification from foreign accounts, ensuring your paperwork is complete and accurate.
How the Seafarer Mortgage Process Works with Fox Davidson
Our streamlined process is designed to take the confusion out of securing a mortgage as a seafarer, guiding you confidently from application to completion.
Step 1: Initial Consultation and Eligibility Assessment We review your UK residency status, tax implications, and employment contracts to assess your mortgage prospects with various lenders.
Step 2: Document Gathering and Preparation We help you collect all necessary paperwork, including employment contracts, pay statements, tax returns, proof of UK residency, and bank statements from both UK and offshore accounts. Clear income figures and precise tax calculations are essential for lender assessments.
Step 3: Lender Matching Based on Your Circumstances We identify mortgage lenders who understand seafarer income patterns and accept your specific foreign currencies, factoring in exchange rate fluctuations and property values when determining deposit requirements.
Step 4: Specialist Application Presentation Your mortgage application is expertly presented, highlighting how lenders assess irregular and fluctuating income from maritime employment.
What Makes Seafarer Mortgages Different?
Seafarer mortgages require a specialist approach that standard residential mortgages don’t offer. At Fox Davidson, we provide property finance solutions designed specifically for seafarers, addressing the unique income and employment conditions faced by maritime professionals.
- Unique Income Assessment – Lenders apply currency conversion discounts (typically 10-25%) to account for exchange rate fluctuations when calculating affordability.
- Specialised Documentation Requirements – We guide you in providing comprehensive vessel employment history, contract continuity evidence, and proof of stable income despite irregular income patterns.
- Higher Deposit Requirements – Due to perceived risk, deposits typically start from 15%, but we work with a specialist lender network that can lend to higher loan to values.
What Our Seafarer Clients Are Saying
📢 “After three rejections from high street banks, Fox Davidson understood my USD income and SED status – approved within 6 weeks.” – Merchant Navy
⭐️⭐️⭐️⭐️⭐️ “They made the complex documentation process simple and found a lender who accepted my EUR salary. Finally got my first home after years of trying.” – Cruise Ship Officer
📢 “Fox Davidson’s knowledge of seafarer status saved my application.” – Offshore Energy Worker
Mortgage Options and Requirements at Fox Davidson
Residential Mortgages
Standard residential mortgage rates for your primary residence
- 5-25% deposit required depending on currency and employment stability
- Fixed, tracker, and discounted rate options available through various lenders
- Foreign currency earnings accepted with appropriate currency conversion calculations
Buy-to-Let Mortgages
Investment property finance for rental income generation
- 20% to 25% minimum deposit requirement standard across the market
- Professional rental management company often required for extended absences
- Rental income assessed rental income assessed for BTL affordability calculation
Frequently Asked Questions
🔹 Who qualifies as a seafarer for mortgage purposes? Officers, captains, cruise staff, commercial vessel workers, offshore energy professionals, yacht crew members, and those seeking mortgages for yacht crew all qualify for specialist seafarer mortgage products.
🔹 Can I get a mortgage if paid in USD/EUR or other foreign currencies? Yes, specialist mortgage lenders accept foreign currency income, though they typically apply conversion discounts of 10-25% for exchange rate fluctuations.
🔹 How does the Seafarer’s Earnings Deduction affect my mortgage application? SED maintains your UK residency status for tax purposes, keeping you eligible for non-expatriate UK mortgage products rather than expatriate mortgages with higher rates.
🔹 What if I spend more than 6 months at sea annually? You may need expatriate mortgage products, though some specialist lenders offer non-expatriate mortgage options if you maintain the 91-day UK presence requirement.
🔹 Do I need a UK bank account for monthly mortgage payments? Yes, virtually all mortgage lenders require a UK bank account for mortgage payment processing, even if your salary is paid to an offshore bank account.
🔹 What insurance do I need for extended absences? Specialised unoccupied property insurance is essential as standard policies void coverage after 30 days of vacancy, which affects many seafarers during contracts.
Get Your Seafarer Mortgage Approved Today with Fox Davidson
Don’t let rejection letters define your property finance prospects. Fox Davidson’s specialist mortgage advice team has helped hundreds of maritime professionals secure mortgages despite foreign currency earnings and extended sea time.
🔹 Get Your Free Consultation – No Obligation Chat 🔹
💡 Expert guidance. Specialist lenders. Real results.
🔒 FCA Regulated Mortgage Advice | 20+ Years Maritime Finance Experience | UK-Wide Service | All Seafarer Roles Welcome
📞 Call for immediate expert advice
📧 Email with an outline of your requirements
Whether you’re looking for your first residential property, buy to let mortgages for investment, or need mortgage advice after previous rejections – we can help. Contact Fox Davidson today for a no obligation chat about your mortgage options.
Fox Davidson are a specialist UK mortgage broker covering all areas of property finance. We work with international and UK resident clients to secure funding on residential & commercial property in the UK. We can work by phone, email and video call. We have London & South West offices at which we can meet clients.
