Metro Bank to stop accepting foreign income mortgages

by Aaron Strutt

Dec 02 2015

Metro Bank is the latest lender to announce it will stop accepting mortgage applications from clients who are paid in a foreign currency.

Mortgages falling under the European Mortgage Credit Directive's (MCD) foreign currency rules, will be accepted until 16 December 2015.

Many international corporations have a strong presence in London, Birmingham and Scotland. Some of them pay their staff a salary in Sterling and issue bonuses and share options in Euros or US dollars. 

Aaron Strutt, product manager at Trinity Financial, says: “Even though many of the banks and building societies have stopped taking applications from clients who are paid in a foreign currency, there are still a host of banks and building societies willing to help.

“Over the last few weeks Santander, NatWest, Market Harborough Building Society and Investec have all said they are still happy to lend.”

For help to secure a foreign currency mortgage call Trinity on 020 7016 0790.