Flight attendants and cabin crew typically command lower salaries. This can be problematic if you decide you want to put down roots and secure a mortgage. You might also have irregular income due to shift work. Most traditional mortgage providers will see this as a red flag and reject your application. However, there are some lenders who are more progressive and willing to look at the bigger picture. For example, some will recognise that you will get trip pay or further allowances for long haul flights.
In general, being a flight attendant is considered a secure career. You will have access to a permanent, full-time contract and a full pension scheme. And while starting salaries are usually very low, the opportunities for progression are impressive. This means that you could get a pay rise in the time it takes you to arrange a mortgage.
For this reason, it’s important to find a mortgage provider who can understand your unique situation. Read on to learn more about common issues facing cabin crew when trying to secure a mortgage.
Cabin crew mortgage with poor credit
If you have poor credit, some lenders will automatically reject your application. Others will be more willing to consider you if you can show more recent evidence of good credit behaviour. For example, you might have a satisfied CCJ from 5 years ago impacting your credit score. This won’t be an issue for all lenders.
If your credit problems are not recent and you can make up for it with a higher deposit or regular monthly earnings, many lenders will be more than happy to accept you.
Mortgages for flight attendants with low deposit
If you only have a small deposit, you may be wondering if you can get a mortgage. If it is your first home, there are two schemes available to help you with a small deposit. The first will allow you to buy a new home with just a 5% deposit.
The second is a help-to-buy ISA which will allow to top up your deposit with up to £3,000 from the government. For every £200 you save, the government will add another £50.
Mortgages for flight attendants with irregular income
If you switch from short haul to long haul flight shifts, you might find your hours increase and your earnings are boosted. This type of irregular income makes lenders nervous. Just as your income can increase, they also worry that it could decrease and you won’t be able to make payments. This won’t be an issue for specialist lenders as they will understand how your working patterns are arranged.
If you’re ready to take the next step and get on the property ladder, get in touch with our specialist team today. They will be able to advise you on the best steps to take to strengthen your application and make yourself a more attractive borrower to lenders. Don’t let your career as a flight attendant hold you back from your dream of owning your own home.