If you are looking to secure a mortgage deal on a UK property, but your income is in foreign currency, there may be more options available to you than you might first expect.
Financial regulations mean that traditional lenders are likely to eschew buyers whose income is in a foreign currency. However, many lenders can still work outside the parameters of the typical affordability metrics which traditional high street banks follow.
Our clients were British nationals who relocated from Egypt to the UK approximately five years ago. The couple worked for a growing media firm based in Cairo that paid their income in local Egyptian pounds. However, the couple organised their income currency to be paid in UK Sterling later that year due to changes in their circumstances. On finding their dream residential home, they required a lender that would accommodate changes in their salary situation while also offering a high loan to value for a mortgage in excess of £1,000,000.
Therefore, our challenge was finding a bank that would understand that a change in circumstances meant a shift in income currency. We needed to find a lender who understood that our client’s income had not only increased but was a continuation of their previous role.
We approached several high-street banks. However, the recent change in our client’s income from one currency to another proved to be a stumbling block.
Eventually, we spoke to our key contacts at several private banks and sourced an excellent solution for the clients at a very competitive market rate. The bank was able to offer the loan required and structured the finance on an interest-only basis. In addition to this, they provided a strong banking relationship with our clients going forward. Our clients were thrilled to make relationships that would enable them to leverage their financial position now and, in the future, particularly as they have high expectations for growth in their careers going forward.
If you need specialist mortgage advice to secure a large mortgage, don’t hesitate to get in touch with our team of advisers, who can guide you every step of the way.