Fox Davidson specialise in various areas of mortgage finance and one of our areas of expertise is in helping to secure mortgages for Yacht Crew.
Key information for yacht crew mortgages
- Yacht Crew tend to be employed on a permanent contract with a fixed salary based on a daily rate
- Your employer will often be an overseas company
- Often paid via another linked company in a separate Country
- Income is paid in euros or dollars and bank statements will show earnings being transferred into the clients account via a foreign exchange company rather than the employer.
- The contract can include a clause that enables the employee a fixed sum exchanged into sterling so the employer absorbs fluctuations in exchange rates
- Bonuses often paid on an annual, quarterly or bi-annual basis. These can be used towards mortgage affordability.
- Seafarers earning deduction is applicable which can allow the employee to be completely non-UK taxable
- You still need to complete a UK self-assessment tax return even if you do not have any tax to pay, this constitutes proof of earnings for lenders.
- The property can be a main residence or we can look at a buy to let purchase if you are looking at an investment property to be let out.
- Travel costs need to be included, the employer will often incorporate some trips back to the UK in the employment contract. Any additional trips need to be included in the affordability assessment
If some or all of the above sound familiar to you then rest assured that Fox Davidson mortgage brokers will be able to source the most competitive terms from across the market.