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Mortgage

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  • Mortgage

    I'm currently working on cruise ships and get paid in USD. I transfer this money to my bank account back in the UK. Luckily i'm paid 12 months per year.

    I'm looking into getting a first time mortgage but I understand that it can be quite difficult for seafarers to convince mortgae lenders to give you money. I have a few friends that went straight to the banks (I think Lloyds and Santander were the only 2 banks which wanted to cooperate) and they did a deal with them but I don't think the rates were very good.

    Can anyone point me in the right direction?

  • #2
    Originally posted by MJJ View Post
    I'm currently working on cruise ships and get paid in USD. I transfer this money to my bank account back in the UK. Luckily i'm paid 12 months per year.

    I'm looking into getting a first time mortgage but I understand that it can be quite difficult for seafarers to convince mortgae lenders to give you money. I have a few friends that went straight to the banks (I think Lloyds and Santander were the only 2 banks which wanted to cooperate) and they did a deal with them but I don't think the rates were very good.

    Can anyone point me in the right direction?
    It will be best if you get in touch with a mortgage broker rather than picking mortgage companies individually, you'll probably have one based locally. Funnily enough I started a mortgage application today too.

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    • #3
      I believe the USD thing (or any foreign currency) is what causes the issue. The fact that you are paid 12 monthly is a positive though. But yeah mortgage broker would be your best best. Not sure if Nautilus have any deals with any brokers in this regard actually? Could be worth investigating.

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      • #4
        Go for a free mortgage broker (they get commission) or a mortgage broker who costs less than £300 (standard rate). They'll sit down with you and ask you loads of questions and want loads of info and they'll tell you clearly what you can get and the best rates etc etc

        As far as I'm aware there won't be any issue if you're a permanent employee with regular income regardless of currency, the only thing that may change is you may be eligible for slightly higher rates only as your wage could change based on exchange rates.

        But definitely look for a free commission based mortgage broker, they'll work hardest to get you a mortgage as if you don't sign, they don't get paid...

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        • #5
          I agree with the above about using a mortgage broker, they should know the lenders that are likely to consider you. You will be considered a greater risk, your employment is overseas and are probably on an offshore contract that is for all intents and purposes worthless (i.e. your employment could be terminated far easier than a permanent employee in McDonalds Dudley) and will be looking at a maximum of a 80 % LTV. Do consider that a commission based broker may not necessarily have your best interests at heart as it may be the case that a mortgage which is less financially advantageous for you could provide greater commissions for them...

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          • #6
            Don't bother with a broker until you've at least tried a few lenders for yourself unless you've already identified that you want an intermediary product (i.e. a mortgage that is only available via a broker and not sold by lenders directly to retail customers), or hit insurmountable barriers going direct. Employing a broker is extra cash to shell out and their interests are not aligned with yours (i.e. their interest is to maximise their commission, not get you the best mortgage, or if not on commission just to get you any mortgage, not necessarily the best if that would involve more effort on their part).

            In general, interest rates are strictly linked to loan-to-value (LTV) ratios, not to borrower income. Your mates that didn't get good rates almost certainly suffered because either 1) their chosen banks weren't offering the most competitive rates or 2) their LTV was high.

            Income tends to affect how much a lender is prepared to lend. Recent regulatory reforms mean that they are big on "affordability". Where you are paid in a different currency to that of the mortgage I expect they will apply an additional factor to their affordability calculation to allow for currency fluctuation. This will affect how much they are prepared to lend you, not what interest rate a given lender will charge you.

            None of which means that the lenders offering the best rates will be prepared to lend to you, which does indirectly affect what interest rate you pay, but you won't know until you start approaching them.

            Read MSE:
            https://www.moneysavingexpert.com/mo...gages-cashback
            https://www.moneysavingexpert.com/mortgages/best-buys/

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