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How we can help you

If you work at sea, you may have faced difficulties when applying for a mortgage.

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 PCM 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, PCM 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. 

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  

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 PCM, 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. 

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. 

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