Home ownership for those working in motorsports
For many in motorsports, securing a mortgage may seem complex. Although you’re likely to be receiving a steady income, it’s possible for people like yourself to fall outside of traditional lending criteria due to the nature of your work contracts, for example.
It’s a specialist mortgage, requiring expertise in the industry, but you’re in safe hands. Our director, Ryan Bensley, isn’t a newbie to the industry, being a regular competitor within UK motorsport for the past 30 years with great success. His passion outside of work helps the team at Mortgage Synergy to arrange mortgages for motorsport professionals.
We help all types of motorsport professionals
As our director is a racer himself, we’ve got quite a bit of experience in helping those in motorsport to buy their dream property.
There are different roles, and each may have different mortgage requirements, including:
Drivers
Most drivers are self employed, meaning mortgage brokers look at earnings differently than someone traditionally employed. We’ve arranged mortgages for many high profile UK and international professional racing drivers.
“Being a driver who competes myself, I understand the challenges faced by drivers trying to get a mortgage.” – Ryan Bensley.
Mechanics
Our team of expert mortgage brokers also understands the complexities of getting a mortgage as a motorsport mechanic. It doesn’t matter if you’re self employed, employed, or a contractor, we’ll assess your individual needs and recommend the best mortgage.
F1 personnel
We’ve helped F1 mechanics and other F1 personnel to get a mortgage, including those working in F1 teams attending races all over the globe. There are also technicians, engineers, coaches, managers, and those in testing and development.
What documentation do I need for a Motorsport Mortgage?
The standard documentation needed for a mortgage application is as follows:
- Proof of ID and address
- Proof of income, e.g. payslips or bank statements
- Evidence of your deposit.
Lenders also assess your credit rating and financial history.
As someone in the motorsport industry, your documentation may be more specific, such as:
- Current and past contracts (depending on how you work)
- Tax documents, e.g. your self-assessment tax returns (if you’re self employed)
- Two to three years’ worth of accounts (if you’re set up as a limited company, for example).
How do lenders view my income as a motorsport professional?
How your income is assessed, and the outcome, is dependent on several aspects. Lenders may assess:
- Contract length
- The sport you’re involved with
- Your financial history
- Whether you have any additional income through sponsorships and advertisements, for instance.
Lenders may also consider whether you’re a high-profile sportsperson, and even your history of injury (this may impact future earnings, etc.).
Note: If you’re self employed, lenders will view your mortgage application in a similar vein to anyone who is self employed.
Get in touch with us if you’re in motorsports and considering buying a property. Our experience helping motorsport professionals speaks for itself, having our very own driver on the team.
We understand the needs of different professions, so we’ll use our expertise to find the best mortgage deal for your unique circumstances.
Get in touch
Tell us about your mortgage requirements and one of our specialist advisors will be in touch within 24 hours.