Seafarer / Non uk tax payer mortgage app

Mr_Munneepennee

Newbie looking for help here,

I'm a FTB that enjoys the luxury of not paying any tax as I work outside of UK waters 7months of the year. Employer is uk based, I get paid in pounds with a permanent contract. However I'm finding that most lenders won't even entertain me because I pay no tax.

I earn 36k per year. A specialist broker (charging £1500) offered to help me and was confident of obtaining a mortgage of 140k. This figure is just too low for my needs.

I mean my take home pay is the same as a tax payer on a 50k salary who would be looking at a 200k+ mortgage. Surely there has to be a lender out there who appreciates this?

Can anybody give their personal experiences or offer any kind of help?

Much appreciated

ACG

They work from gross annual income.
Common question from people in your shoes but the £36k is what they will use. Less than 4x income seems low however, so unless you have a few debts/kids or are over maybe 45 then I would say there is some room to up that, but not the £200k, may around £160k.

Mr_Munneepennee

Thanks for that, just doesn't make sense to me but that seems to be the way it is. I'm 33 with a couple of kids and a car lease if that can be classed as debt, nothing else. You couldn't suggest a lender by any chance?

ACG

We are not allowed to do that on the forums, only generic help. The car lease will count as a commitment so may affect how much you can lend.

A broker will be able to put things down on paper and see what is possible. There is more than one way to skin a cat, so it could be worth speaking to another broker to see if they have different thoughts on it.

In terms of why they do it, I am not sure. Two thoughts off the top of my head - what if the tax rules change? The other being system constraints, to treat your income differently from 99% of other customers is probably not financially viable to sort out.

I am sure someone smarter than me can give an official reason on that though.