Mortgage One
The Seafarers Mortgage Broker

Navigating Seafarers’ Mortgages – Specialist Advice for Offshore Workers

If you work at sea, your income structure is often unlike a standard UK employee. You might be paid in a foreign currency, work under rotational contracts, or have extended periods away from home. While this is perfectly normal in your profession, many UK lenders’ standard mortgage assessment systems are not designed to handle these variations. This can lead to misunderstandings about your earnings or gaps in affordability assessments.

Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

At Mortgage One, we provide specialist mortgage advice for seafarers, offshore workers, and marine professionals, ensuring lenders understand your income and employment history clearly.

Why Seafarers Face Unique Mortgage Challenges

Lenders can be cautious when assessing applications from seafarers because:
• Income may be paid in a foreign currency
• Employment contracts can be short-term or rotational
• Gaps in payslip history are common due to time away at sea
• Tax treatment under the Seafarers’ Earnings Deduction (SED) can cause confusion

Common Employment Scenarios We Assist With

We regularly help clients who are:
• Merchant navy crew working under fixed-term contracts
• Yacht crew or cruise ship staff paid in foreign currencies
• Oil rig and offshore platform staff on rotational schedules
• Professionals claiming Seafarers’ Earnings Deduction (SED)
• UK citizens living overseas but buying or remortgaging UK property

Key Documentation Lenders Often Require

To give you the best chance of approval, lenders will typically request:
• Tax returns and SA302s (including SED evidence where applicable)
• Sea service letters from your employer
• Employment contracts showing rotation patterns
• At least 3 months of UK or offshore bank statements
• Proof of UK address and residency

Types of Mortgages Available to Seafarers

While there is no official “seafarers’ mortgage” product, you may be eligible for:
• Residential repayment mortgages – for living in your UK property full-time
• Interest-only mortgages – subject to affordability and repayment strategy
• Buy-to-let mortgages – for investment purposes
• Expat mortgages – if you live outside the UK for long periods

Why Use a Specialist Seafarers’ Mortgage Broker

A broker experienced with seafarers can:
• Identify lenders with policies suitable for offshore professionals
• Pre-empt underwriting questions before they arise
• Correctly present foreign or multi-currency income
• Save you time and reduce application stress