Mortgages for Offshore Workers

Can offshore workers get a mortgage in the UK?

We have many clients who work offshore, often onboard ships or even on oil rigs, and we help them get a mortgage secured. The common thread is they all are UK citizens and live in the UK. Essentially they’re working offshore, but their main residence is in the UK.

Some specialist lenders and high street banks accept offshore income, and many people working offshore are paid in foreign currency. Many high street lenders won’t accept foreign currency, though, so it’s good to get a broker that knows and understands this niche.

If your offshore salary comes in a different currency to sterling, exchange rates will impact how lenders view your income. They will usually take a discount or deduction off your earnings to account for potential fluctuations in future exchange rates. That deduction can vary depending on the currency you’re paid in.

It does work, and you can get a mortgage – it’s just a little bit more complicated.

What if I’m a First Time Buyer and an offshore worker?

You can still get a First Time Buyer mortgage. You’ll still need a deposit and a good credit history. You’ll need to be a UK resident and prove that you pay tax in the UK, as well. We’ll also need to evidence your employment history offshore.

One thing to note for First Time Buyers who work offshore is that if you are paid in a foreign currency, you might not get access to some of the low or no deposit schemes available at the moment.

Many of the lenders that offer those schemes don’t necessarily accept foreign currency income. You’ll likely need at least 5%, if not a 10% deposit to buy your first home [information correct at the time of recording in July 2025].

What types of mortgages are available for offshore workers? Are there specific mortgage products for offshore income earners?

There’s nothing branded as an offshore worker mortgage, or anything specifically set up with any lenders. But if you are an offshore worker, you can still get access to all the usual residential, Buy to Let, interest-only, tracker, fixed rate or discounted options from lenders.

It’s just finding the right lender to meet your circumstances. There are no real restrictions in the type of mortgage you can get. It’s just finding the right product and lender to meet your circumstances.

What are the main challenges offshore workers face when applying for a mortgage?

A few things can make it difficult or challenging to secure a mortgage if you do work offshore.
We mentioned currency risk before, and exchange rate discounting with some lenders. Not having access to low or no deposit schemes is another challenge.

A key thing to note is that not all lenders accept foreign currency, and those that do may not accept certain currencies. There are nuances even with lenders that do accept foreign income.

The type of contract you have could affect how you secure your mortgage. We often find people who work offshore are working rotationally. They might work two months away and then be back for two months not working.

Also, how does money get into your bank account? What account do you have? That can also impact your ability to secure a mortgage.

How does working offshore affect mortgage affordability assessments? How is offshore income assessed for mortgage affordability?

A couple of things affect affordability if you do work offshore. One is being paid in foreign currency, where the exchange rate will affect you. At the moment in July 2025, the pound has been quite strong against the dollar. Clients paid in dollars have seen a reduction in how much they can borrow because of that.

Because of the risk involved in foreign currency income, lenders will often take a discount or a deduction off your earnings to allow for fluctuations. That can range anywhere between 10% to 25%.

Lenders first convert your income into sterling and then take 10% or 25% off, depending on the currency that you’re paid in. Those two things combined could affect how much you borrow.

You could put your numbers into a calculator online, but find that you get a lower figure when you actually speak to a broker or lender about how much you can borrow.

What income documents do offshore workers need to provide for mortgage approval?

Preparation is definitely key and a lot more will be required to show your income. It does depend on your contractual arrangements, but we usually need payslips for at least the last six months to show regular income. We’ll need your current contract, and at least 12 months’ work history as well.

That will show the rotations you were on, how long you were away for and when you were back. We’ll also need your bank statements, both for sterling accounts and non-sterling accounts. Those will evidence how you get paid and how your money is transacted.

Importantly, we need your tax documentation to show that you’re declaring income to HMRC. Even if you’re not paying tax because you’re claiming the seafarers’ earning deduction, we still need to show that you are declaring your income to HMRC.

Do lenders accept foreign currency income or non-UK contracts?

You could be employed by a company not based in the UK, but what’s important is your tax status. Where are you paying tax? Are you declaring your income to HMRC? We do have people that are employed by companies outside the UK and are resident in the UK.

They might work in the UK partly, but they also go offshore. They all declare their income to HMRC to evidence that. So that’s the crucial piece of information. You may not be paying tax, because of the rules and regulations in place, but you’re still declaring your income. As long as you’re doing that, it should be okay.

It’s worth noting that lenders won’t do business with some countries and currencies. It’s all to do with politics and status. If you work for a company in a particular country or are paid in a currency on an exclusion list, you may not be able to get a mortgage.

Do you need to be paid into a UK bank account?

You will need a UK bank account to service your mortgage. Your mortgage payments must go from a UK bank account. No lenders accept money from a non-UK account.

You don’t necessarily need to be paid into a UK account, but if you live in the UK and you’re buying here, lenders will expect you to have a UK bank account and transact from that.

They will expect you to transfer some of your pay into that account and want evidence of your expenditure from that account, as well. We need to build an audit trail of how your income is received and where it goes.

Many clients paid in foreign currency take advantage of bank services from the likes of Revolut, Starling or others offering multi-currency accounts. They may have a dollar or euro account and a sterling account that run side-by-side.

They get paid into the dollar or euro account, and transfer their income into their sterling account. That keeps it simple and clean for lenders – they can see a clear audit trail of where your money’s going and coming from.

How many months or years of employment history do lenders require?

It can vary depending on the contractual or employment status with the company you’re working for. Some people are employed on a permanent basis and work offshore. They may be on a rotation of two months away, two months in the UK, but they’re permanently employed and they receive a salary every month.

Usually in that kind of scenario, we’re looking for six months’ employment history in that role to show it’s consistent.

If your setup is more aligned to contracting, i.e. you only get paid when you work offshore, you’re going to need at least 12 months history in that role. In some cases, some lenders require at least two years’ evidence, depending on what your contracts have been like.

It can vary a lot, which is why it’s important to prepare early when you start thinking about buying your home or taking out a mortgage.

What credit history requirements are there to apply for a mortgage as an offshore worker? What if I have bad credit?

Good UK credit history really helps. Lenders will expect you to have a UK credit footprint. One key thing for everyone is to make sure you’re on the voters’ roll at your home address.

That is really important – it shows you live in the UK and are registered to vote, and shows up when a lender does a credit check.

If you have poor credit or bad credit, that will limit your options. They’re already reduced if you’re paid in foreign currency, potentially. With poor credit, that will further reduce the number of lender options.

A lot of mainstream lenders generally won’t accept foreign income with poor credit history. We’ll therefore be going with specialist lenders – and that may mean higher interest rates or a larger deposit.

Do lenders require proof of UK residency or tax status?

Yes, all lenders will expect you to have UK residency. You should be living in the UK if you want a mortgage in the UK – otherwise you’ll be treated as an expat which requires a different type of mortgage. Proof of your UK address history is really important.

From a tax perspective, if you’re claiming the seafarer’s earnings deduction, your tax filings will show you’re declaring your income to claim that deduction. Any offshore worker needs to declare their income to HMRC anyway.

So this is really important. We’ve got to be able to prove UK residency and tax status to get you a mortgage.

Are there specialist lenders for offshore workers?

There aren’t really any lenders that specialise in offshore workers, but some offer mortgages for people who earn in foreign currency or work in unusual ways. There are options available there.

Some high street banks accept this, but lots of smaller lenders and even some private banks will work with you as well, depending on how much you earn.

Most support does come via specialist mortgage brokers with experience and understanding of how this works. We often deal with complex income situations as well, so it’s worth talking to a broker nice and early.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS. NOT ALL BUY TO LET MORTGAGES ARE REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.