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The UK is home to a wide range of offshore workers who play a critical role in the marine and energy sectors. And just like those who work on the mainland, from time-to-time they may also need to raise extra cash through a secured loan.
Working offshore can present some extra challenges when it comes to applying for a loan, such as the currency you are paid in and the length of time spent in the UK.
This is also true of non-UK residents who have property investments in England, Scotland, Wales or Northern Ireland and are interested in getting a secured loan.
The good news is there are still ways you can get the financial help you need, and you can use the information below as your first step towards finding a solution.
The way you apply for a secured loan is effectively the same as someone who works on land. You will be required to go through the standard identity, financial and credit history checks and provided these meet the lender’s criteria, you should be in a good position to receive an offer.
If it is your first time applying for a secured loan or if you have a specific question about your eligibility as an offshore worker, you can give us a call today to get more insight.
If you are an offshore worker based in Scotland and receive your wages in UK sterling, you can make an application in the normal way. This is because no considerations need to be made regarding the currency you are paid in.
Lenders that have experience working with offshore workers understand the need to be flexible when it comes to the type of currency you use to repay a secured loan.
If you are paid by your employer in a non-UK currency, there may still be options available to suit your needs. We work with lenders who automatically accept salaries in US Dollars and Euros, subject to your residential and tax status. Other currencies may be considered on a referral basis.
Offshore workers that are paid in a foreign currency can still be eligible for a secured loan, although the process may be a little different.
This mostly refers to how lenders assess your monthly income and affordability. For example, some lenders may deduct a certain percentage from your total monthly earnings to account for currency fluctuation. This can also give you more certainty when it comes to assessing your own affordability for the loan.
If you get in touch with one of our expert advisors, we can give you more clarity on how this could work in practice, so you can start to think about your next steps.
Being a self-employed offshore worker shouldn’t prevent you from being eligible for a secured loan.
How you declare your income will be central to the process, as lenders will need to know more about how you declare your taxes. Provided you can provide the relevant documents, the application should be able to proceed as normal.
Even if you have been based outside of the UK for a significant period, we work with some lenders that might still consider your application.
There may be one or two additional steps involved in the application, but once we know more about your circumstances, we can let you know exactly where you stand.
You are classed as a non-UK resident if you spend less than 16 days in the UK in a tax year. This increases to 46 days if you have not been recognised as a UK resident for the previous three years.
If you work abroad for at least 36 hours in an average week and have been in the UK for less than 91 days, with no more than 30 of these spent working in the UK, you will also be classed as a non-UK resident.
Falling into either of these categories means you will only be required to pay tax on your UK income and not on any foreign income you generate.
Getting a quote won’t affect your credit score
It is certainly possible to get a secured loan as a non-UK resident, although there will be some additional challenges to overcome.
Secured loan deals typically require you to use your home as security, which could allow you to borrow a larger amount and at lower interest rates compared to an unsecured loan.
It may be more of a challenge to buy a residential home as a non-UK resident (although still possible), but if you own a buy-to-let property this could work as an alternative.
Some specialist lenders are open to accepting a buy-to-let property as security, and they will also want to know more about how much time you spend in the UK each year.
In addition to the usual identity, employment and financial checks, you will likely be asked to provide more information about how the property is used. For example, this may include information about who lives there and if there are any periods of vacancy.
To get a better understanding of how it all works, you may find it helpful to speak with one of our expert secured loan advisors who can tell you more about applying as a non-UK resident.
We’re extremely proud to be rated ‘Excellent’ for our service standards. We’ve helped thousands of customers across the UK over the last 15 years to find the right finance for their needs – no matter how complicated the circumstances. And we look forward to helping you.
Being an offshore worker or non-UK resident shouldn’t prevent you from getting the financial help you need. And even if the application process requires a little bit more thought, there’s usually a way to find a solution that works for you.
Helping people find the right deal at the right time is what we’ve been doing for years at Willows. So, to get started and to find out more about how you can apply for a secured loan, get in touch with us today by calling 01656 766 158 and we’ll be more than happy to help.
If you have a question – we’d be happy to talk to you – simply call us…
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LOANS ARE SECURED AGAINST PROPERTY. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED UPON IT.
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