Mortgages for Mariners

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Whether you’re working on a yacht, a tanker, a container ship or a cruise liner, being a mariner can make life quite difficult when it comes to getting a mortgage

For a start, being away at sea for several months at a time can make it tricky to visit your bank or get the required documentation to them.

Then there’s the fact that many lenders will be reluctant to lend to someone who isn’t based in the UK on a day-to-day basis or who has moved around a lot and maybe doesn’t have a permanent home address. In their eyes, this makes you a high-risk borrower.

And then there’s SED. The Seafarers Earnings Deduction is great for reducing your tax bill, but it also means a lot of lenders won’t give you the size mortgage you need because they won’t take all of your earnings into account if you’re using the SED.

Add in the fact that you might be paid in a foreign currency or employed by a non-UK company, and suddenly getting that mortgage you need to buy your home in the UK can become a nightmare.

That’s where we can help…

Every day, we speak to mariners who have been turned down for a mortgage simply because of the job they do – even though it’s a job that means they have a good income and low monthly outgoings, so they ought to be able to get a mortgage fairly easily.

We think that’s unfair. And that’s why, here at The Mortgage Stop, we’ve come up with a solution to help mariners like you navigate the choppy waters of the UK mortgage market.

Because we know most high street banks probably won’t help you, we’ve formed relationships with a range of alternative mortgage lenders who actually like lending money to mariners and other people who work offshore.

This means we can greatly increase your chances of being accepted for a larger mortgage at a better rate than you’d get if you tried to go it alone.

Plus we can deal with all the admin and paperwork on your behalf, so if you’re out of the country for long periods of time it doesn’t mean your mortgage application will be held up.

Because we specialise in mortgages for mariners, we can offer you all sorts of benefits you won’t find elsewhere

Get a larger mortgage

We understand all the different ways that seafarers are paid, and that means we know how to present your mortgage application to the lender in the right way – to give you the best chance of getting approved.

And because we have direct relationships with lenders who specialise in mortgages for mariners, it means we don’t have to rely on automated computer decision-making. If needs be, we can pick up the phone and speak directly to an underwriter to explain your situation and fight your corner for you.

As a mariner, we know that you may have a unique career path that involves obtaining professional qualifications, such as in engineering or as a captain. We work with lenders who understand your career journey and can be more flexible when looking at affordability for a mortgage. They take into account your current income, as well as your future earning potential, based on your career progression, to determine the maximum amount you can borrow.

All of this means the lender is more likely to let you borrow the amount you actually need to buy your dream home or release equity from your existing property to fund home improvements or pay off other debts.

Huge choice

Our in-depth knowledge of the mortgage market and the fact that we have access to over 100 lenders means we have the best possible chance of finding a lender who understands your situation and who will approve you for a mortgage.

As well as all the lenders you’d find on the high street, we also have access to specialist lenders and exclusive mortgage deals that are only available through advisers like us.

This huge choice is especially useful when it comes to securing mortgages for mariners like you who may be paid in a foreign currency or employed by a company that isn’t based in the UK.

Lots of mainstream banks shy away from cases like this, but we can go to alternative lenders who are far more likely to accept you.

Fast results

Buying a new home is exciting. So the last thing you want is for the process to drag on for ages, leaving you with a whole load of uncertainty and stress to deal with while you’re away at sea.

After all, it’s not like you can easily go and look for another property if your planned purchase falls through due to a delay with the mortgage application.

We appreciate that due to time differences it can be difficult to communicate during UK office hours. We we are flexible and can work on your time zones. That’s why we will offer to liaise with your estate agents and follow up with solicitors (if you want us to) and why we’ve developed systems that allow us to make sure that everything happens as quickly as possible.

And it’s why 96% of our clients get their mortgage secured within 10 days.

Financial Coaching

If you’re not able to apply for a mortgage yet – for example, because you don’t have a big enough deposit – a lot of mortgage advisers won’t want to help you and will tell you to go away and come back when you’re ready to proceed.

But we recognise that getting a financial plan in place (and sticking to it) on your own isn’t always easy. That’s why we introduced our financial coaching service.

If you contact us and you’re not ready to apply for a mortgage yet – either because of your financial situation or because you haven’t found the right place to buy – we’ll help you put a financial plan and a budget in place that will mean your mortgage application is easier and faster when the time comes.

Plus we’ll then work with you to ensure you stick to the plan – so you can become mortgage-ready as quickly as possible.

Risk free

A lot of mortgage advisers will charge you a fee just for submitting your mortgage application, regardless of whether the application is successful or not.

Here at The Mortgage Stop we have a no-offer-no-fee guarantee. So if we can’t get you the mortgage you need you don’t have to pay us a penny.

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You are now leaving the website of The Mortgage Stop Ltd and we cannot be held responsible for the content of this external website.