Mortgages For Pilots
- Expert, personalised guidance at every stage
- Advice available seven days a week
- Here to help with any questions you have
Get in Touch
On this page (click arrow to expand)
Mortgages for pilots
Finding the right mortgage as an airline pilot can be tough. Most lenders prefer borrowers with steady, salaried income, which can make things difficult for pilots with variable earnings.
For airline pilots, a significant portion of earnings often comes from non-basic income sources. Selecting the right lender is crucial in unlocking the full potential of what you can borrow in your capacity as an airline pilot.
What income can be used to get mortgages for pilots?
Most lenders will use 100% of your basic salary.
However, we know that you’re likely to receive variable pay as well, such as overtime and flight allowance. Different lenders have different policies on how much of this income they will consider.
Lenders also vary in how they calculate this income. Some average your earnings over three months, others over six or even twelve months. It might only be accepted if it aligns with your year-to-date figure on your payslip.
Choosing the right lender is key to maximising your borrowing potential. The right lender for you might change based on when you apply and how they calculate variable income.
Can I get a pilot mortgage if I’m paid in a foreign currency?
Yes, you can get a pilot mortgage in the UK if you are paid in a foreign currency.
Lenders usually only accept ‘low risk’ currencies like Euros or US dollars, however.
Your income will be converted to UK pounds using a currency converter, with up to 25% discounted for exchange rate fluctuations.
Mortgages for newly qualified pilots
If you’re a new pilot with a job starting in the next three months, some lenders can consider your application.
However, if you need to use variable income, such as flight allowance and overtime, you may need three months’ payslips first.
I’ve got a new job with a different airline – can I still get a mortgage?
If you have a new job with a different airline, some lenders will accept a signed employment contract as proof of income if you are set to start in the next three months.
Variable income from the new job typically can’t be used until you’ve got three months’ payslips.
Why The Mortgage Store Chorley?
Exclusive rates you won’t get directly from lenders
A dedicated point of contact from initial enquiry right through to completion and beyond
Appointments seven days a week, to best suit your schedule
Ongoing rate monitoring until completion as standard
Chat with our expert advisor
Mortgages for pilots with bad credit
If you have bad credit, it might still be possible to get a mortgage. It depends on your credit issues.
You might need a specialist lender, which can mean higher interest rates and fees.
See our page on bad credit mortgages for more information.
How much can I borrow?
The amount you can borrow depends on your personal situation.
Lenders look at income and expenses, such as student loans, childcare costs, and debts from credit cards and personal loans.
Each lender has their own rules and calculators to determine if you qualify. If one lender doesn’t approve, another might.
If a lot of your income comes from flight pay and/or other allowances, finding a lender who accepts 100% of it can significantly increase your borrowing potential.
What deposit do I need?
The deposit needed varies depending your circumstances.
The more you can pay up-front, the less you need to borrow. This can lead to lower monthly payments or a shorter mortgage term.
Usually the minimum deposit is 5% of the purchase price. You might get a better rate with a bigger deposit.
If you have missed payments, defaults, or County Court Judgments (CCJs) on your credit file, you might need to pay a larger deposit or you might only be eligible for a higher interest rate.
For a better idea of how much deposit you will need, speak to a mortgage advisor like us.
What documents are needed for a pilot mortgage?
You’ll need proof of ID, proof of address, bank statements, and income verification.
The exact requirements depend on your situation. Your advisor can guide you.
How can The Mortgage Store Chorley help with mortgages for pilots?
If you’re a pilot looking to navigate the skies of homeownership, The Mortgage Store Chorley is your trusted co-pilot on the journey.
Although we’re based in Lancashire, we work with pilots all over the country. We specialise in providing tailored mortgage solutions uniquely designed for pilots, understanding the complexities of your income structure and possible high levels of debt accumulated to pay for flight training, education expenses, and relocation costs.
Let The Mortgage Store Chorley be your guide, ensuring a smooth landing on the path to homeownership for pilots.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
