Ask the Specialist

Capital Fortune are asked to help clients on a daily basis, whether it be with a new purchase, remortgage, buy to let or something more unusual. We typically help clients with non-standard, unusual or complex situations and have created this section to allow you to ask our team of specialists any question you may have. Feel free to browse the list of questions and responses. Please note we provide information only in response to the questions posed and not advice. If you do seek advice then feel free to speak to one of our Advisers by calling 0207 710 0400 or send us an enquiry online and one of our Advisers will call you back.

My husband is a self employed contractor, working in the maritime industry - can he get a mortgage?

on 12 May 2014.

My husband is a self employed contractor, working in the maritime industry and entitled to claim seafarers earning deduction.  This means he is a non uk tax payer.

In June he will have completed 2 years accounts.

Are we able to apply for a mortgage even though he is not a uk tax payer? If so what is the greatest Loan to Value?

Thanks

Julie


Ask the Specialist response:

Many thanks for the question Julie.

We have helped a number of seafarers previously - all of whom have raised the issue that they find it difficult to get a mortgage as they typically don't pay UK tax.

There are a number of lenders we work with that will consider this special scenario.

The two years accounts should also be fine as we have placed similar cases with either 1 years accounts plus a projection for the latest year or based on the value of the current contract.

The maximum loan to value would be up to 95%. Importantly, we may need to approach a lender that would not automatically "credit score" the application, as due to your husband's role, he may not have a substantial UK credit foot print.

I'd recommend speaking to one of our Advisers on 0207 710 0400 and they will be able to give you an indication as to the possibilities open to you plus the costs involved. Alternatively you can send us an enquiry online and one of our Advisers will call you back.

David Rostron MEng(Hons) CeMAP CeRER
Business Manager