Mrs B works globally, employed by an American based company, her earnings are paid in US Dollars.
Her husband and children reside in the UK in the family home. They wanted a 60% LTV interest only mortgage, using only Mrs B’s foreign currency income and a 40% deposit. Their current lender could only offer 50% LTV on interest only with the other 10% being capital and interest.
We were approached and happy to do the full 60% LTV on interest only, as the property had over £450,000 equity and the applicants plan to sell and downsize in future.
HOW IT WORKED:
- Borrowers need to be British Nationals
- Standard conversion rate applied to convert income to GBP using the Bank of England rates
- 100% of the converted income is used for affordability
- Affordability assessed as usual using our affordability calculator
- Property can be located throughout England and Wales
ELIGIBLE CURRENCIES WE ACCEPT INCLUDE:
- Euros (EUR)
- US Dollars (USD)
- Japanese Yen (JPY)
- Canadian Dollars (CAD)
- Hong Kong Dollars (HKD)
- Swiss Francs (CHF)
- Singapore Dollars (SGD)
- United Arab Emirate Dirhams (AED)
- Australian Dollars (AUD)
- Saudi Riyals (SAR)
We will also consider all types of foreign currency loans. This doesn’t just include being paid in a foreign currency but also if an applicant owns a property overseas which they plan to use to repay their interest only mortgage in the UK. We will use 80% of the property overseas value as the repayment vehicle.
We will consider regulated ex-pat buy-to-lets. In this instance the applicant needs to be earning in one of our accepted currencies.
- No credit scoring – all cases are assessed on individual merit
- Tailored underwriting with each case individually considered
- Contact us to discuss your client’s requirements today.
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