Mortgages for Contract Boat Builders

Mortgages for contract boat builders are notoriously difficult to get, due to the varied working hours. However, St Barts Finance is here to help. Read our blog post below.

Google Rating
4.6
Based on 73 reviews
js_loader

Mortgages for Contract Boat Builders

Being a boat builder comes with perks within itself but being a contract boat builder means there is definite travel in your future. With ports from Marbella to Dubai, no wonder this career path is desired by many young adults with a passion for hard work, travel and the opportunity to earn some serious money. Not to mention, tax-free money abroad.

However, this sort of job often comes at a price and unfortunately, it seems to all come down to mortgage applications.

Applying for a mortgage as a contract boat builder doesn’t need to be hard work, especially with the right financial advice behind you.

A lot of young adults, or older adults, choose to become self-employed boat builders as it provides great opportunities to earn tax-free cash. 6 months tax-free in countries such as Finland can earn you £40,000 plus, depending on what level you’re at.

This is great in theory, especially if you want to use this money as a house deposit, but being a contract worker seems to have this stigma around applying for mortgages.

The application process itself still requires you to have the standard checks in place, such as credit checks, current financial circumstances and proof of income etc. The only difference with proof of income as a contract worker, in comparison to a PAYE employee, is that your proof of income should show stability for the past 2- 3 years. This isn’t necessarily a given, but it sure does help.

If you are a boat builder who likes to travel around then you may be wary about your shorter contracts. 6-month contracts are absolutely fine but any shorter show a lender less stability.

The key to success with a mortgage application is to be prepared in this line of work. Say for example you have worked away on and off for the last few years building up a deposit, now would be the time to apply for a long-term employment contract, say 12 months or more so, to show your lender you have financial stability. Doing so will prove you less of a risk.

If this doesn’t fit into your current plans and you have up and coming jobs readily available, make sure you contact a financial advisor. A financial advisor can seriously help in this line of work as they can discuss all your options available and plan out a criteria fit for your application.

St Barts Finance LTD is an appointed representative of The Openwork Partnership Limited, which is authorised and regulated by the Financial Conduct Authority

All our Advisers are FCA regulated and fully qualified.

Fully GDPR compliant and GUARANTEED quality advice

We are part of one of the UK’s largest Financial Services Nerworks:

We are part of one of the UK’s largest Financial Services Nerworks:

× WhatsApp