Foreign Income Mortgage UK

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Author: Elliott Culley - Director & Mortgage Adviser of Switch Mortgage Finance

Can you get a mortgage with foreign income in the UK?

Yes it is possible to get a mortgage with foreign income in the UK. It can be more tricky as not all mortgage lenders accept foreign income and some will only accept certain foreign currencies.

However there are lenders willing to lend and some of the lenders can provide you with a competitive rate as well. Some lenders will allow you to borrow more than others and some will require a smaller deposit than others.

What foreign currency is accepted for a UK mortgage?

There are quite a few foreign currencies accepted by UK mortgage lenders. However not all lenders offer all of the currencies listed below, with some only accepting a couple.

Euro, Australian Dollar, Bulgarian Lev, Canadian Dollar, Croatian Kuna, Czech Koruna, Danish Krone, Hong Kong Dollar, Hungarian Forint, Japanese Yen, New Zealand Dollar, Norwegian Krone, Polish Zloty, Qatari Riyals, Romanian Leu, Saudi Riyals, Singapore Dollar, Swedish Krona, Swiss Franc and United States Dollar. 

Speak to an Expert!

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Contact us today for expert advice and guidance on your unique mortgage and property needs. We will work with you on a one-on-one to basis to help you find the right solution for your needs.  

With our experience you can rest assured that you are in good hands when it comes to securing the financing you need for your property.

Can I get a mortgage with self employed foreign income?

It is possible to obtain a mortgage with self employed foreign income. However there are only a couple of mortgage lenders that are happy to use this type of income. You will need at least 2 years self employed figures.

Can I get a mortgage with foreign income with less than 3 years in UK?

Yes you can get a mortgage with foreign income even if you have less than 3 years in the UK. There are some lenders that will want 3 years however there are some that can look at this from 6 months in the UK, provided you have permanent rights to reside or settled/pre-settled status.

Will some lenders allow me to borrow more on a mortgage with foreign income?

Yes all lenders use different calculations to work out how much they are willing to borrow to you. When you are paid in a foreign currency, most lenders will apply a haircut of at least 20% to your income. The reason they do this is due to fluctuations in the exchange rate. This mitigates the risk for lenders and also protects you against any extreme swings in exchange between the pound and another currency.

Some lenders apply higher than 20% whilst some do apply a little bit less. So you want to make sure you apply to the right lender who can offer you the amount you require.

How much deposit will I need for a foreign income mortgage?

The more deposit the more options you will have and cheaper rates as a result. Some lenders can ask for as much as 25% deposit. However there are lenders available that would only ask for a 10% deposit. 

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Can I get a mortgage in the UK if I’m paid in euros?

Yes most lenders that accept foreign income mortgage applications will accept the euro.

Can I get a UK mortgage if I am paid in dollars?

Yes most lenders that accept foreign income mortgage applications will accept US dollars.

What documents are needed to get a mortgage with foreign income?

The below is a list of the most common documents a lender may ask for, although further documentation could be required:

  • Proof of your income
  • Proof of employment contract
  • Bank statements for the last 3 months
  • Proof of your deposit<?li>
  • Credit report

Can I get a buy to let mortgage in the UK with a foreign income?

Yes there are many lenders that will consider you for a buy to let mortgage even if you have foreign income. Some lenders have a no minimum income, whereas others will require you to have a UK income, so you will need to carry out your research when applying for the right lender. You will need at least a 25% deposit for a buy to let mortgage.

Can I get a foreign income mortgage in the UK with bad credit?

There is only a handful of lenders that offer mortgages to applicants with foreign income. None of these lenders are too keen on adverse credit history. If you had defaults or CCJS in the past, you may need to wait until at least 3 years after the event occurred, before you can consider getting a mortgage. If you have missed payments it will depend on if your credit score is high enough to pass.

Why Choose Switch to Help You?

Whether purchasing or remortgaging, you’ll want access to the best products on the market. We have a proven track record of helping clients with foreign income and will be able to assist you with your mortgage needs. 

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