Working at sea can make applying for a mortgage more complex, especially if your income is in a foreign currency or from overseas employers. Here, we’ll explain how seafarer mortgages work, who’s eligible, which lenders to approach, and what to expect when applying for a seafarer mortgage in the UK.
Are there mortgages for seafarers?
Yes, there are specialist mortgages for seafarers, designed for those who work offshore or are paid in foreign currencies. Getting a mortgage as a seafarer can be slightly more challenging than for other types of applicants because you’ll have a smaller pool of lenders who can accommodate this profession.
Most mainstream lenders prefer applicants with straightforward UK-based incomes, but several lenders can offer mortgages for people working at sea. As a seafarer, your work may be sporadic, and your income may come from various currencies and multiple companies, some of which may be based abroad.
The challenge lies in how income is assessed. However, some lenders recognise the unique circumstances of seafarers and can accommodate offshore income. The obstacles faced by seafarers even led to a specific HMRC tax rule - the “Seafarers Earnings Deduction (SED)”, providing tax relief for people working on ships.
Eligibility criteria for seafarer mortgages
To qualify for a seafarer mortgage UK, lenders will look at several key factors, some of which differ slightly from a standard residential mortgage:
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Income verification: Lenders typically require proof of employment in the maritime sector, such as contracts, payslips, or letters from your employer. If your income is in a foreign currency, it’s usually converted into GBP at a conservative rate (often with a 10% to 20% “haircut” to account for exchange rate fluctuations).
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Type of seafaring: Your exact role as a maritime professional can impact your lending options. The structure of your pay will also play a significant role in determining your eligibility, such as whether you’re a full-time employee, a contract worker, or self-employed. Different criteria apply to each type of work.
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Residency: You’ll usually need to be a UK resident or citizen, with a UK address for correspondence. Some lenders will also consider British seafarers working internationally for long periods, as long as there’s a strong link to the UK (such as paying UK tax or owning a UK property).
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Deposit and loan-to-value (LTV): Most lenders require a minimum 5% to 10% deposit for seafarer mortgages, but a larger deposit may improve your lending options and rates, particularly if your income is in foreign currency or from an overseas employer.
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Credit history: A solid UK credit profile helps strengthen your application. If you’ve spent long periods away and don’t have much UK-based credit activity, or have bad credit, an experienced broker can help you identify lenders willing to take a flexible approach.
How to get a seafarer mortgage
The right preparation and professional guidance can make a big difference. Here’s how you can get a seafarer mortgage:
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Speak to a specialist broker: Many lenders offering seafarer mortgages only work through brokers. A broker experienced with mortgages for seafarers can identify the lenders that accept your type of income and present your application in the best way.
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Gather your documents: Collect your recent payslips, employment contracts, bank statements, tax documents, as well as proof of address and residency. If you’re paid in a foreign currency, you may need to provide additional supporting documents.
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Choose the right lender: Mainstream lenders and high street banks can be restrictive if your income is complex. Your broker will match you with lenders comfortable with maritime and offshore employment arrangements. This ensures you’ll get the most competitive deal and avoid any unnecessary rejections.
Get mortgage advice tailored to seafarers
Are the rates higher?
Not necessarily, but it depends on the lender and your personal circumstances. Some seafarer mortgages can be relatively straightforward to arrange, whereas others may involve a higher perceived risk for lenders, which they may try to offset with higher interest rates.
For example, seafarer mortgages can have slightly higher rates if your income is in a foreign currency or is complex to assess. However, if you approach the right lender for your situation with a strong deposit, stable income, and good credit history, you can often access the same competitive rates as standard residential borrowers.
Your broker can compare rates across all available lenders to ensure you’re not overpaying, and possibly secure exclusive deals from lenders who specialise in seafarer or expat income.
Popular UK lenders offering mortgages
While not all major banks offer seafarer mortgages, several UK lenders and building societies are familiar with this type of employment:
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Halifax: Although Halifax doesn’t offer a specific seafarer mortgage, it may accept non-sterling income as long as you can pass a full affordability assessment. However, your foreign income must be in US dollars, euros, Australian dollars, Indian rupees or Swiss francs.
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Santander: If you’re a self-employed seafarer, Santander will automatically cap your maximum borrowing with a 90% LTV. If you’re on a fixed-term contract in a seafaring role, you’ll need at least 12 months’ evidence of consistent work and either confirmation of a long-term arrangement or a letter from an agency of secure further positions at sea.
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Scottish Building Society: If you earn foreign income or your employer is overseas, Scottish Building Society may still consider your application. However, the criteria for seafarers are quite rigid. An 80% LTV is maximum, and you need to earn at least a sterling equivalent of £40,000. Also, your foreign currency income must still be paid into a UK bank account.
Because mortgage lender policies and approaches to seafarers vary wildly, it’s best to speak with a broker who regularly works with applicants in a similar profession to see your full range of accurate lending options.
Why choose Money Helpdesk for your seafarer mortgage?
We specialise in helping UK-based and international maritime professionals secure competitive seafarer mortgages, even if your income and employment arrangements are complex.
Here’s why seafarers across the UK choose us to help find them the best mortgage:
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Access to brokers who specialise in mortgages for seafarers
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Free initial chat with no obligation to proceed
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Our advisors are 5-star rated on leading review platforms
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Introductions to specialist UK lenders with exclusive deals
If you’d like to compare current rates for free or have a chat with a broker who specialises in seafarer mortgages, you can get started here.
FAQs
Yes, but the process is often more complex because income is typically paid in a foreign currency and through offshore employers. Many standard lenders struggle to assess this type of income, especially when payslips, contracts, or tax arrangements differ from those in the UK.
However, specialist brokers who work regularly with maritime professionals can help present your income correctly and connect you with lenders who understand yacht and superyacht employment structures.