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BREXIT: UK Mortgage Opportunities for Yacht Crew

Patrik Maflin 6

The UK’s decision to leave the EU has caused the markets to fall drastically, with Sterling hitting a 30 year low.

With uncertainty, however, comes opportunity, and yacht crew will already be reaping the benefits of a weaker Pound if they are paid in Euros or Dollars. Out of the doom and gloom of Brexit, it may therefore be easier for yacht crew to save up a deposit, creating a unique opportunity to enter the UK property market.

In terms of borrowing, this week the Bank of England announced plans to allow banks and building societies to lend £150 billion to businesses and individuals, which should also make it easier for borrowers to obtain a mortgage.

This is in stark contrast to the aftermath of the 2008 credit crunch, where it became increasingly difficult for investors to secure a mortgage and get onto the first step of the property ladder. This is great news for yacht crew who may be first time borrowers who have saved deposits and are now ready to invest in bricks and mortar.

There is also a strong possibility that the UK base rate will drop again. This is not great news for anyone with savings stored in traditional UK based savings accounts or ISAs, but good news if you are looking to borrow or renegotiate your current mortgage. Observers are optimistic that these base rate cuts will be passed on to borrowers, making the next 12 months an ideal time to house hunt or consider an investment in the UK.


Some predict that the British housing market is about to take a small dip, and this is not the best news for anyone who invested during the ‘housing bubble’ but, it is another good reason to consider buying a property in the UK now. Some commentators are already forecasting that London property may become a less attractive option for foreign investors, so there is a strong possibility that housing prices in and around the capital may drop, making property more affordable for first time buyers. For yacht crew this may be the perfect time to start researching the market.

Amid arguments that the rental market may take a hit if immigration is curtailed, there is still high enough demand to sustain good returns from investment in rental properties. It is also worth considering that despite a potentially positive buyers' market, many first time buyers still struggle to save up a large enough deposit, so yacht crew, with their tax & finances in order, are in a strong position to snap up any good deals.

The number of people being approved for mortgages is likely to remain steady, and theree are some concerns that banks may still be nervous to lend to small deposit investors despite these new measures from the Bank of England. Therefore, if you are considering buying within the next year, whether it's a buy-to-let property or your primary abode, it's still advisable to carefully consider the amount of capital you have available. Check your current investments and the yield you are receiving and factor in any future savings or investments in the pipeline.

It's also worth shopping around - check which mortgages you may be eligible for by speaking to an independent mortgage advisor. Independent advisors are often able to find better deals than those you may find via online searches or high street banks. They should also be able to advise you on any future borrowing as well as any concerns over your residency status.

Any tax advice in this publication is not intended or written by Marine Accounts to be used by a client or entity for the purpose of (i) avoiding penalties that may be imposed on any taxpayer or (ii) promoting, marketing or recommending to another party matters herein.

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