Seafarers around the world are increasingly facing problems when applying for mortgages: banks and insurance underwriters don’t understand the specifics of maritime work. Irregular contracts, changing flags and vessels, income from different countries—all of this is often perceived as instability, even if a seafarer has had a steady income for years.
Formally, many seafarers meet banks’ income requirements, but in practice, they face refusals due to “non-standard” employment. The main issues arise around income verification, tax residency, and long periods of absence from shore.
💡 Experts note that the key to success is the correct presentation of information. Banks are interested in not just one-time contracts, but employment history, length of service in the profession, and regularity of income. Contracts, letters from shipowners, voyage certificates, and bank statements often play a decisive role.
It is also critical to consider the requirements of insurance companies that accompany mortgages in advance. For them, it’s not just their financial situation that matters, but also issues of work capacity, medical coverage, and occupational risks.
📝 Experience shows that seafarers are more likely to succeed when they work with brokers or banks experienced in the maritime industry, or when they prepare a package of documents in advance tailored to lenders’ requirements.
✈️ In a context where maritime professions remain one of the most international and non-standard, the mortgage issue becomes not a financial one, but a legal and administrative one. And those who understand the rules of the game in advance have a significantly better chance of winning this “battle” for their own home.
Seamen’s Club 🇺🇦 | #news