Yacht crew are a rare and special breed. Your job takes you to some of the most glamorous parts of the world and it’s a wonderful way to see them whilst getting paid.
But when it comes to some of the more practical things in life, like applying for a mortgage, that international lifestyle can sometimes make it a little trickier. But not if you plan it properly.
As a regular traveller, you may have set your heart on buying a property in another part of the world. According to our partner Simon Conn, the well-known international mortgage expert, there are lending sources that can assist Yacht Crew in countries including: Australia, Cyprus, France, Holland, Italy, Malta, New Zealand, Portugal, South Africa, Spain, Turkey, UK and the USA.
While other countries may lend, their criteria may make it more difficult for Yacht Crew to secure a mortgage. They could possibly implement a restricted maximum loan to value, for example a maximum 50% loan and/or higher interest rates. Always make sure you check the fine print carefully before agreeing to take out any mortgage, but especially in a foreign country.
What You'll Need to get a Mortgage
As with all potential lenders, you’ll be required to provide proof of income including:
• Your latest CV
• Your latest employment contract
• At least 6 months’ payslips with your current employer (the longer you have been with your current employer the better)
• Employer’s reference letter
• Last 12 months’ bank statements
Top Tips when Purchasing a Property Overseas
Applications are based on your overall financial profile and the property valuation. Be aware that each country has its own underwriting criteria, but it’s mainly about affordability and the majority of lenders do not like to take rental income received as part of the calculation.
• Allow yourself a `cooling off` period before signing on the dotted line
• Check the translation of what you are signing. If it’s an English version, ensure it’s a true translation of the original
• Obtain an ‘in principle’ agreement with the lender prior to purchasing a property
• Arrange your mortgage in the currency in which you earn, whenever possible
• Ensure you have an ‘opt-out clause’ with the seller if the loan is not agreed
• Seek independent legal and tax advice
• Commission your own survey, even if a new-build
For further information please contact Melanie Langley - Senior Crew Benefits Adviser
via the button below or call: +44 (0)7476 592592 / Skype: melanie.langley.mscb