Can you get a large mortgage with foreign income?

As a result of our global client base, we regularly work with clients who are paid in currencies other than GBP. As such, we are often asked if we can help our clients to secure a large mortgage with foreign income.

Doing this is very challenging if you are planning to approach a high street bank, due to the enhanced levels of due diligence involved. There are a select number of high street or retail banks who will do this, although typically only for the most major currencies (e.g. the dollar).

However, private banks taking a much more flexible attitude to offering a large mortgage with foreign income being used to calculate affordability. Private banks are happy to look at worldwide income and worldwide assets.

Do I need to disclose all of my worldwide income to my broker?

Generally, you are more likely to have a greater chance of success if you are willing to disclose all of your worldwide income to us. We have the experience to know what it is your lender will be looking for, and can then work with you to discuss what evidence you should present.

What if I only get paid part of my income in a foreign currency? Can I use a bonus in foreign currency?

If you are paid part of your income in a foreign currency, such as receiving a bonus in dollars (common for employees of multinational banks), you are unlikely to be affected if you can meet the affordability criteria without this foreign income. Unfortunately, it is frequently the case that borrowers require this income to be taken in to consideration. We have achieved this for clients in the past, however.

How can Enness assist with foreign exchange?

If you are paid in income from around the world, you may require the services of a good foreign exchange (FX) broker. If FX is a concern of yours, we have specialists within the Enness group who are able to help with this.

Enness Private Office has extensive experience with assisting overseas clients, which often requires FX, but you could also benefit from Enness’ services if you’re a UK resident who is paid in a different currency. We have a partnership with market leading FX specialist, Argentex; they share our key objective of supporting and expanding our clients’ portfolios, and can therefore be of use in such a situation.