Seafarer mortgages

As a specialist seafarer mortgage broker, we’re here to help you navigate the choppy waters of property finance.

Mortgages for seafarers

If you work at sea, you may have faced difficulties when applying for a mortgage or remortgage from high street lenders. This is because many lenders often don’t understand the unique way in which seafarers are paid and taxed, and may not recognise your true income and affordability.  

This is where seafarer mortgage brokers like Cleerly can help. We are proud to partner with lenders who offer bespoke underwriting for seafarers and can take into account factors such as foreign currency earnings, Seafarers Earnings Deduction (SED) and variable monthly income.

Our expert knowledge of the seafaring profession enables us to put together comprehensive mortgage applications that highlight your strengths and suitability as a borrower. For over a decade, our committed team of advisors has been instrumental in assisting seafarers in securing or remortgaging their dream properties. 

If you’re looking for a fair and flexible mortgage or remortgage that suits your needs and unique circumstances, Cleerly is the broker for you. Contacting our seafarer mortgage specialists is simple – you can use our online mortgage calculator to compare mortgages, fill out our quick quote form and receive quotes straight to your inbox, or simply give us a call on 02394 212912.


What is a seafarer mortgage?

A seafarer mortgage is a type of property finance designed to meet the specific needs and requirements of people who work as professional seafarers and offshore contractors.  This would normally include (but not be limited to) the following roles: 

  • Naval officers 
  • Cruise ship staff 
  • Yacht crew 
  • Offshore oil and gas workers 
  • Marine biologists 

This type of mortgage is slightly different to a standard residential mortgage as it considers factors such as foreign currency earnings, SED and time spent working offshore.  


How to get a mortgage as a seafarer?

The best way to get a mortgage as a seafarer or offshore worker is to apply through a specialist seafarer mortgage broker. With Cleerly, our expert seafarer mortgage consultants have access to a vast range of lenders, meaning we can source the best mortgage or remortgage deal for you. We will provide you with simple clear advice, working out how much you can borrow, what type of mortgage would be most suitable and how much it will cost.  

Once we’ve identified a mortgage that aligns with your specific needs and financial situation, we’ll prepare a comprehensive application to send to potential lenders, which will include the following documentation: 

  • Proof of Seafarers Earnings Deduction claim (such as tax returns or HMRC letters) 
  • SA302 
  • Bank Statements 

Lenders will often request additional documentation to assist them with underwriting your mortgage and you will need to provide evidence you have a UK bank account for your monthly mortgage payments. 

Your dedicated client service manager will advise you on all documentation that is required and take care of all the paperwork for you, giving you peace of mind that your application is in the best possible hands.

First time buyers

Getting a seafarer mortgage as a first-time buyer

As a seafarer looking to purchase your first home, the process can seem daunting. Fortunately, we can help make the mortgage journey more straightforward. Our consultants will guide you through the application process, ensuring you're in the best possible position for lender acceptance.   

Seafarers looking to make their first home purchase can often encounter several challenges, however it is still possible to qualify for a mortgage, even for offshore contractors trading via a Ltd company, starting on day one or using an umbrella company. We assess mortgages based on gross contract value, meaning if your daily rate is, for example, £500, you might be eligible to borrow up to £600,000.  

We also support the Shared Ownership scheme and advise clients that the use of Lifetime ISA savings towards a deposit is an option. Our offers include deposits as low as 5%, borrowing based on your annual contract rate and borrowing up to five times your income.

Why choose Cleerly as your go-to seafarer mortgage broker

At Cleerly, we understand the unique challenges and opportunities that seafarers face when it comes to buying or remortgaging in the UK.

Whether you work on a yacht, a cruise ship, oil rig or any other offshore vessel, we can help you find the best mortgage deal for your situation. We have extensive experience in dealing with seafarer mortgages and we know how to present your case to lenders who are most likely to approve you.

Our specialist advisors will take care of all the paperwork and communication with the lenders, saving you time and hassle. We’ll work hard to secure your mortgage whether you’re currently working offshore or are here in the UK.

As your specialist seafarer mortgage broker, we’ll help you to:

Borrow based on your actual income, not just your taxable income.

Take advantage of the Seafarers Earnings Deduction (SED) scheme.

Access competitive, market leading rates from high street lenders and specialist providers.

Find the most suitable mortgage product for your needs, whether it’s a residential, buy-to-let or remortgage.

Trusted lenders we work with

Ready to get started?

Navigating the mortgage process isn’t always plain sailing, but we are here to help take the pain out of securing your dream property.

To speak to one of our specialist seafarer mortgage advisors, give us a call on 02394 212912 or request a call back.

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