In the weeks following the general election and the first Bank of England base rate reduction since March 2020 the mortgage market has seen what can only be described as a “mini rate war”. This is amongst lenders fighting for a bigger share of the mortgage business out in the market.
This is great news for UK yacht crew looking to buy a property or take out a new mortgage as the lower rates will effectively convert to lower repayments and a higher mortgage capacity (the maximum amount of mortgage available) based on the lender assessment of their affordability.
Home Ownership. Next Steps.
These positive impacts could be just the catalyst many need to take the next step to home ownership, be it for a residential property to live in when back in the UK or a buy to let investment property to rent out.
Working as yacht crew and being paid in a foreign currency (anything other than £ sterling) can be restrictive when trying to get a mortgage, but CrewFO have partnered with a mortgage broker who has helped hundreds of yacht crew buy property in the UK over the last 10 years.
Discussing your plans and options with a mortgage adviser who truly understands the yachting industry can certainly pay dividends, as the advice provided will extend way beyond which mortgage you need and include important hints and tips on how to put yourself in the best possible position to qualify for 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.