£2.8m mortgage secured despite foreign currency income

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Case profile

A number of UK lenders won’t consider lending to clients who earn their income in a currency other than sterling, which often restricts the client’s ability to secure the required finances.

Our specialist advisers have extensive experience helping clients that get paid in foreign currency and recently completed a £2.8m mortgage for clients paid in US Dollars.

The client wanted to purchase a new property for their family to reside in, and although they live and work in the UK, their income, bonus and share income is derived in US Dollars. The main challenge was the type of income they received and what tax was paid.

The added complication was that our client was issued shares within the company but then bought these back not to dilute the company’s shareholding and paid the client in cash for these shares. Capital Gains Tax (CGT) was paid on this, but the income tax wasn’t therefore, many lenders were unwilling to consider this income.

Solution

Working with a private bank, we provided the client’s entire financial portfolio, which included evidence of their assets, pension pot, investment, and historical bonus income, which was confirmed via UK tax returns.

We structured the deal by cross collateralising their current property and new purchase to allow them to borrow the loan amount required.

No matter how complicated your financial situation may be, call one of our experienced mortgage specialists today to see how we can help.

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Your home or property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Changes in the exchange rate may increase the sterling equivalent of your debt. You may have to pay an early repayment charge to your existing lender if you remortgage. Think carefully before securing any other debts against your home.  

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