Mortgages for Airline Crew

Whether you’re a pilot or cabin crew, you may already have concerns about being accepted for a mortgage. If you’re new to the job, then it’s always best to know how it is going to work.

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Advice on Mortgages for Airline Crew Personnel

Mortgages for airline crews differ due to the pay structure in comparison to a ‘normal’ occupation. The fact of it is, is that you probably earn more in real life than you do on paper. This doesn’t need to be an issue as such, but it means you have to be more realistic.

Luckily, St Barts Finance is here to help. With access to a multitude of high street lenders, you are bound to find the right mortgage for you. There are even mortgages tailored especially for airline crew, which means you will have a completely personalised approach when it comes to finding a mortgage.

The bottom line of it is that your payment is made up of an element of components. A typical airline crew pay structure consists of a base pay, overtime, commission, bonus and round sum allowance of lieu in expenditure. So, whilst your basic pay is a standard payment each month, you earn your money in the allowances you make whilst travelling. Not to mention commission through sales.

However, your allowances will differ each month and therefore an average will be calculated prior to applying for a mortgage. Most employers should be able to devise a mortgage letter with a breakdown of your yearly salary and all of its components.

A typical cabin crew salary on paper would probably turn out around £18,000 per year when in reality it is more likely to be £23,000+. This is why it is important to keep an open mind when applying for a mortgage as your income does vary from month to month. If you make a lot of commission and work more flying hours one month and then the next you are on annual leave with a little to no flight pay, then this does leave your financial situation worse off.

This means that even though your mortgage is based on a lower version of your salary, it is just a realistic figure to help with those months you’re not earning as much. If your mortgage was based on that £23,000+ figure, you may potentially find yourself being worse off some months in comparison to others.

This is why in this line of work it is always best to seek the advice of a financial advisor/mortgage broker, who can give you realistic expectations on mortgage applications. Once you’re in the right hands, this will not seem like such a daunting experience as there really is a mortgage out there designed perfectly for you.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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