Foreign currency income case study

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) 
  • *NEW!* Saudi Riyals (SAR) 

ALSO

We will 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. 

DON'T FORGET!

  • 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.
  • Our Helpdesk is available 9am – 5pm, Monday to Friday - online chat, email or call us.

 

 

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