Being away from home soil is not all plain sailing when it comes to securing a mortgage

With life on land currently characterised by lockdowns and restrictions on travel, there are many people living in towns and cities who are desperate to feel a sea breeze and the touch of ocean spray.

Such is the clamour for the coast that the lot of seafarers – skilled workers who tend to spend long spells onboard boats and ships outside of UK waters – is eyed enviously by those tied to terra firma.

However, while those at sea are undoubtedly delighted to be largely cocooned from coronavirus’ disruptive waves, being away from home soil is not all plain sailing.

Port closures and travel bans have caused considerable headaches during the pandemic and seafarers can also face troubled waters when it comes to securing a mortgage, with many lenders considering them to be high risk borrowers as a consequence of their monthly wages often being subject to the ebb and flow of international exchange rates.

Some banks and building societies are also unfamiliar with the tax allowances afforded to those working in the maritime sector and the fact that their income is subject to seafarer earning deductions, and actively steer clear of what they consider uncharted territory.

Fortunately for those who do find themselves swimming against the tide despite their secure salaries, the team at Charles Louis Mortgage Advisers are past masters at plotting a favourable course to completing property purchases.

We have been navigating the specialist mortgage market for more than two decades and have successfully secured loans – and arranged income protection, critical illness and life cover – for many maritime professionals.

More importantly, we understand that time on dry land is precious for those usually crewing private yachts or merchant vessels, operating oil platforms or conducting geological surveys of the seabed, and are delighted to be able to shore up the stresses of finding a suitable lender.

Our proven sea legs can be trusted to deliver when seafarers are resting theirs.

To get in touch with one of our advisers, please contact:

becky@charleslouis.co.uk

0161 959 0166