Mortgages, mortgages, mortgages… If buying your first property was not daunting enough, knowing which specific type you will need based on your plans for how the property will be used can be a complex path to navigate. So what one do you need?
Working Outside Of The UK. What To Consider
Couple this with the fact many yacht crew are paid in what mortgage lenders regard as a ‘foreign currency’ (Euros or Dollars) and the fact that you work outside of the UK, and all of a sudden the type of mortgage required becomes even more important.
It is for these reasons, amongst others, that many yacht crew engage the help of the mortgage broker who CrewFO have partnered with for many years, as they understand the challenges yacht crew face and can advise how best to achieve the required outcome, as well as which type of mortgage will be required.
Be Careful! You Might Need A Different Type Of Mortage
Understandably, many people do not realise there is a different type of mortgage required depending on whether the property being purchased is intended for personal residential use only when yacht crew return to the UK, or if it is to be bought as an investment and rented out.
The differences may seem minor but the rules, criteria, assessment and requirements that sit behind each type of mortgage are very different, which is why it is important to make the decision before buying a property so that the correct mortgage can be recommended.
Discussing your plans and the associated options with a mortgage adviser who understands the yachting industry can certainly pay dividends, as the advice provided will stretch way beyond which mortgage you need and include hints and tips on how to put yourself in the best position to get the mortgage you need when the time comes.
If you’re a CrewFO member, and would like further support, log in and reach out!
If you are not a member, below are our contact details:
Email us at: hello@crewfo.com 📧
Call us on: +44 203 538 8622 📲
At Crew Family Office, we are here to help Superyacht crew navigate their finances and make the right decisions.
For more of our financial services, designed for Superyacht crew, take a look here.