Do you want to take out a mortgage as a pilot or captain? Then you may be faced with specific requirements from a lender. There are also lenders who can offer tailor-made solutions. With a good substantiation, more is often possible. We can completely unburden you. At Bliss, our advisors have specialized knowledge and experience and we offer you a tailor-made solution for your mortgage.
Good to know: many of our clients work as commercial pilots, and often live abroad, such as in Dubai, the United States, Hong Kong or Malta. An income in foreign currency as a captain or co-pilot is therefore no problem for the taking out a mortgage in the Netherlands.
From our office we support many pilots in building up additional income and assets (e.g. by investing in real estate). Please contact us if you are interested in guidance during such a process.
What is special about a mortgage for pilots and commercial pilots?
As a first officer or co-pilot, you may be faced with a fixed-term employment contract. Often a letter of intent cannot be signed. In this situation it is also possible to apply for a mortgage for your own home. We can still calculate with 100% of your current income for the purpose of the qualifying income for the mortgage application.
The following specific matters also affect your mortgage application as captain or first officer:
- student loan or pilot loan because of your education
- housing costs in the country of residence
- additional BKR registrations
Pilot loan and influence on mortgage
If you have taken out a pilot loan to finance your training, the costs must be taken into account. The pilot loan has an impact on your financial position, now and in the future. We will take this personal situation into account when determining the maximum borrowing capacity. We will also check whether there are possibilities to calculate with the actual costs of your pilot loan instead of a fictitious burden with regard to the interest and repayment obligation.
Pilot Loan End Date
If you have a current pilot loan, there should be a loan schedule end date for this obligation. In practice, we occasionally see that several loans are stacked. Different loan schedules then apply. It is necessary for a lender to have a concrete end date for this obligation.
Income through a broker or contracter
Do you provide your services as a pilot through a broker or contractor? Then the following rules apply. This situation is common if you work for, for example, an airline Ryanair:
- Average number of hours over the past 12 months multiplied by the agreed rate with a maximum of the expected number of hours per year;
- Pay slips from the past 12 months;
- A copy of the contract with the broker/contractor or airline;
- Statement from the broker/contractor or airline with the expected number of flying hours in the coming year;
- Statement of number of hours flown in the past 12 months.
Additional services pilot
Because of your profession, you often travel and it may be difficult to switch quickly. Especially when you literally live in different time zones. We can assist you with the purchase of your home or investment property. Especially now that the housing market is cooling down, there are also better opportunities to make a good purchase and to negotiate in your direction.
Notary service for pilots
To actually be able to use the mortgage offer, a mortgage deed will have to be signed. Due to your busy life and travel schedule, it may be better not to have to fly to the Netherlands several times and it may not even be necessary, depending on availability, to sign a local power of attorney. In the start-up phase of the mortgage application, we can assist you in scheduling a notary appointment, so that you only have to sign a power of attorney once. The notary is located 20 minutes from Schiphol Airport, making it easy to combine. At Bliss we also guide you in this part of the process and we try to make our working method as efficient as possible.
Stopped as a pilot? Taking out a mortgage as an ex-pilot
Have you stopped your career as a pilot? We regularly advise ex-pilots who, for example, have started working as an air traffic controller or in a completely different sector. Then you may have had to deal with a debt restructuring process to resolve your expensive pilot loan. Even with a canceled pilot loan with BKR registration we can map out your options for taking out a mortgage.
Foreign income as a pilot
If your income comes from abroad, there are several options for obtaining a mortgage. It is important to note that the variable wage components are capped. That way you cannot add more than 25% in bonuses or variable income to your fixed income.
If your salary is not paid in euros, currency risk will be taken into account. For example, if you fly for Etihad Airways, there is a good chance that you will receive your income in the local currency Dirhams (AED) of the United Arab Emirates (UAE). As a result, we will take into account a reduction of 10% of your income.
The starting point for determining your qualifying income is to match your average annual income over the last three years. If your airline has been impacted by COVID-19, pilot incomes may have fluctuated quite a bit during these years. At Bliss, we specialize in determining the steady and sustainable income of pilots.
Tell us your story
If a pilot or captain takes out a mortgage, we would like to hear from you. An appointment is set up in no time. Also by telephone and via remote advice. Do you have questions or would you like to receive more information about applying for a mortgage as a pilot? Then contact us without obligation and we will schedule a call appointment or video call session using Teams, Zoom or Google Meet.
