NatWest still accepting foreign income mortgage applications

by Aaron Strutt

Nov 09 2015

NatWest Intermediary Solutions has announced it is still offering mortgages to borrowers if they are paid in a foreign currency.  

Over the last few months a host of banks and building societies have stopped accepting international income generated overseas to comply with the Mortgage Credit Directive (MCD).

The MCD requires mortgage advisers to provide additional information when clients earn their salary in a foreign currency. The lenders are also expected to monitor the customer’s foreign exchange exposure and notify them when it deviates adversely by 20% or more from the exchange rate when the mortgage completed.

Aaron Strutt, product manager at Trinity Financial, says: “There are not that many high-street lenders willing to take foreign income into consideration for a mortgage, although there are some lenders willing to help. 

“NatWest has some of the lowest fixed and tracker rates in the market at the moment and they have a range of remortgage products. For interest-only mortgages, the bank will require a Sterling-based repayment strategy.”

Acceptable countries

NatWest will consider income generated through 28 countries across the European Economic Area. They include: Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, the Republic of Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.

They will also consider other countries: Australia (this does not include residents of Australia and its territories), Canada, Channel Islands, Gibraltar, Isle of Man, Japan, Monaco, New Zealand, Singapore, Switzerland and the USA.

For help to secure a mortgage if you are paid in a foreign income, call Trinity on 020 7016 0790.