yacht crew mortgages

Yacht Crew Mortgages

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Yacht crews living offshore are seeing their applications for an Expat mortgage complete faster.

Approvals for house purchases in the UK by expats increased towards the end of 2022 and 2023 has followed the same pattern according to the latest figures from the Bank of England.

The number of expat yacht crew loan approvals for purchasing so far this year is up a massive 20.4% on the same period last year. Re-mortgaging saw an astonishing increase of 30% over the same period.

The next few months are likely to be less active, but at present we can confirm business is very active with the buy-to-let market surprisingly leading the way.

Re-mortgaging in the expat market continues to be very buoyant as homeowners look to lock in advantageous interest rates which are still currently on offer.

Why re-mortgage?

 There are many reasons you may wish to consider a re-mortgage and it is without any doubt something every expat homeowner should consider, especially if you are stuck on your current lenders standard variable rate. It is not always best advice as your current deal may have conditions that are not beneficial, but you should take time to review on a regular basis. So why re-mortgage?

  • Secure a better rate of interest than you are currently paying.
  • Change current deal to a fixed rate for long term security.
  • Raising capital from equity within your property.

Need assistance?

 Our professional team of fully qualified independent advisers are used to dealing with all types of expat re-mortgage/mortgage business. Please do call to discuss your requirements and we will be happy to help. Contact Us to find out more.

yacht crew expat mortgages

Yacht Crew Mortgage Advice

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Yacht Crew Mortgage Advice. If you are from the UK and are a UK national but are living or working abroad as a yacht crew for a period of time then you may be able to get an expatriate mortgage.

Expatriate mortgages are much like standard UK mortgages. There are some lenders who specialise in expat mortgages and some that don’t.

Expat mortgages completing faster.

The time it’s taking this year to complete an expat mortgage has reduced significantly in the last 12 months.

The industry is seeing a new application in a straightforward case complete in a matter of weeks rather than months. A straightforward re-mortgage is now on average completing in less the 5 weeks which is significantly quicker than 12 months ago.

Yacht crews are advised to consult a mortgage broker.

Mortgage brokers are advisers who specialise in finding mortgages for those who want to buy property. The advantage of using a mortgage broker is that they should know what mortgage products are available to buyers in your circumstances from amongst the banks and building societies they work with.
They should also be able to find you the best type of mortgage for you, at the best interest rate.
Like to know more?

If you require help with your new or re-mortgage, please do contact one of our fully qualified independent advisers who will be happy to assist.

yacht crew expat mortgages

Expat Yacht Crews

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Expat yacht crews are using broker services to their benefit.
A recent survey of expat yacht crews found they are using an independent mortgage adviser when looking for an expat mortgage.
Its survey of over 400 crews found that only 31% weren’t employing the services of an independent broker.
There are plans to use the research to tackle the misperceptions about independent mortgage advisers and raise awareness about how they can help borrowers to find the right mortgage.
Yacht crews due to their constant moving around can save so much time and money, plus modern communications make it simple to keep up to date with their application.
Crews going through an independent mortgage adviser have access to many more mortgages than those going direct to the lender, including specialist mortgages for the self-employed, yacht crews and later life lending solutions such as lifetime mortgages.
Homeowners who benefitted from a mortgage adviser searching the market for the best mortgage deal were more likely to have switched in the last five years (29%), compared to just 19% of those who went direct.
Borrowers who used a mortgage adviser were also overwhelmingly in favour of doing so again. 98% said that they found the support of a mortgage adviser ‘valuable’ and a further 95% said they would recommend using a mortgage adviser to family or friends.

Help required?

If you would like assistance please do make contact and one of our expert independent advisers will be happy to guide you.

yacht crew expat mortgages

Surge in Expat Mortgages

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This financial year has seen more new expat mortgage business being conducted than this time last year and applications are still rising as the year progresses.
Mortgage rates are at last are levelling out fuelling the increase in business being done in all sectors of the mortgage market. Even with the recent base rate rise there are still excellent deals to be had.
January has seen a record number of re-mortgages as clients look to release equity built up over the years within their properties.
The released equity is being used for assorted reasons, including expensive debt consolidation. Expats are also re-mortgaging to fix the rate of their loan over a longer term as more base rate increases are likely.
Confidence is sky high within the expat community at present especially with those who own a property in the UK. This is due to the ever-increasing property prices.
If you are considering taking out a mortgage or re-mortgaging, please call us and one of our advisers will be happy to assist.
UK property prices increasing
According to the latest figures house prices are on the rise again, January and February saw good growth although not like years gone by but still very encouraging.
It is expected that house price increases will level out over the next year with a steady but reliable growth rate, again spelling good news all round.
So, at present the outlook for 2023 is very positive indeed, the signs are this will continue for the foreseeable future.
Can we help?
As expat mortgage specialists we offer a much-valued service to our clients, so please make contact if we can assist you.