Halifax targeting mortgage borrowers paid in five currencies including US Dollars, Euros and Indian Rupees
Halifax for Intermediaries has announced it will accept non-sterling income from mortgage applicants paid in currencies such as US Dollars, Euros, and Indian Rupees.
From 12 August, the bank will accept the following five non-sterling currencies: US Dollar, Euro, Australian Dollar, Indian Rupee, and Swiss Franc.
This is a positive move from Halifax as it provides us with another option to help place cases for clients with more complex income structures.
Aaron Strutt, product director at Trinity Financial, says: “We consistently get enquiries from people living and working in the UK who are paid in a foreign currency. Most of them are paid in Euros, Dollars or Swiss Francs. It is less common to speak to people paid in Australian dollars or Indian Rupees unless they live overseas.
“Lenders like HSBC and NatWest are generally keen to accept certain foreign incomes and even some of the smaller lenders like Market Harborough or Dudley Building Society.”
For property purchase and remortgage applications, Halifax has said it will accept non-sterling income types for employed borrowers, including their basic salary plus bonus income, overtime, and commission. The bank will convert the income amount to GBP and apply a 'haircut' or reduction of 20% or 10% for bonus income to cover any potential currency fluctuations.
Call Trinity Financial on 020 7016 0790 to secure a foreign income mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change.
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