Getting a UK Mortgage With Foreign Income
Looking for a mortgage based on foreign income? The brokers we work with can help you make this possible.
Firstly, do you earn some or all of your income in overseas currency?
No impact on your credit score
Are you trying to get a mortgage with income earned from foreign sources? There are many things you should know before starting the process.
We’ll go over some of the most important things that potential borrowers need to know, including the rules around translating documents, which currencies UK banks accept, and where international buyers should start their search for a lender.
The following topics are covered below...
Can you get a UK mortgage based on a foreign income?
Yes. Despite restrictions on foreign currency mortgages – there are still ways to get a mortgage for UK property if you know which mortgage lender will provide the most favourable terms and interest rates for your situation.
However, the lenders which provide foreign currency mortgages usually work exclusively through specialist brokers.
And the process of securing a mortgage may vary depending on which foreign currency you receive your income in.
So if you need a foreign income mortgage, we can help make the process smoother, easier, and cheaper by connecting you with the right mortgage broker.
Get Started with a Broker
Maximise your chance of approval with specialist advice from a mortgage expert.
Eligibility requirements for foreign income applicants
First of all, are you UK-based? Most lenders require mortgage applicants to have permanent residency – or indefinite leave – in the UK.
Whether you’re an EU citizen or a foreign national, below are some boxes you’ll need to tick to qualify for permanent residency.
EU nationals
- Proof of residency in the EU for over 3 years
- Have a UK bank account
- Have a permanent job in the UK
Non-EU foreign nationals
- Have a UK bank account
- Have lived in the UK for 2-5 years
- Have a permanent job in the UK
How to provide proof of foreign income
One of the biggest hurdles that you will face in the application process for a foreign currency UK mortgage is providing proof of your income.
If you’re looking for lenders who are willing to consider approving your foreign income loan application, be prepared to provide documents which prove your source of income.
Preparing your paperwork
The documents you need to provide will vary by lender, but they’re generally no different to the paperwork you’d need to make an application in with pound sterling income.
Most lenders will ask for the following…
- Several months’ of your latest payslips
- Proof of address
- Employer’s details
- If you’re self employed – tax returns and a statement from an accountant
Translating your documents
If your documents are in a foreign language, most mortgage lenders will require that you translate them into English through a certified source.
Therefore, when it comes to translating your documents, you will be required to use a professional, qualified translator.
The lender will need to see both original-language documents and the translated documents and the translator’s credentials.
Our Broker-Matching Service Guaranteed!
We want you to have complete confidence in our service, and get the best chance of securing your mortgage. We guarantee to get your mortgage approved where others can’t – or we’ll give you £100*
Types of currency that UK mortgage lenders accept
Most UK lenders have restrictions on the type of foreign currency they accept, so if you’re looking to finance a property purchase in the UK, it’s important you find a lender who will accept your type of foreign income currency.
The currencies below are more commonly accepted by UK mortgage lenders:
- US Dollars (USD)
- Euro (EUR)
- Yen (JPY)
- Australian Dollar (AUD)
- Polish Zloty (ZL)
- Russian Ruble (RUB)
But even if your foreign income doesn’t fall into one of these categories, a mortgage broker may be able to help you access lenders with more flexible currency criteria.
How foreign tax payment impacts your application
Many lenders require that you pay taxes in the UK, even if you earn a foreign income, in order to approve your loan application.
So if you pay taxes overseas, you must ensure that any tax due in the UK is fully paid and adhered to. And if your income is earned tax-free abroad, you may need to evidence the income earned and tax paid in the UK.
Deposit Requirements
The minimum amount of deposit you’ll need with most mortgage lenders is 10% of the property’s value, but putting down more (if possible) can help you get approved.
Speaking to a mortgage broker is essential if you hope to be approved with less than 10% deposit.
If you receive a foreign income, your mortgage deposit may also be held in an overseas bank.
If the bank has restrictions on how they transfer your deposit or what currency they pay out with, this could make it more difficult to adhere to a UK bank’s deposit requirements.
If, however, that’s not the case then simply ensure there is a clear audit trail leading through the stages of building up the funds.
If the bank doesn’t have UK branches there may be anti-money laundering checks.
Reviews
I get paid in US Dollars, and am tax free.
Yes, Andy was excellent, found the best deal for my situation, I get paid in US Dollars, and am tax free.
Trusted customer
Prompt, pleasant, thorough!
David was prompt helpful and thorough. Our case was particularly challenging and he still managed to secure a good deal for us!
Eric
Very quick
Very quick and professional service
Lance R
Speak to a broker who specialises in foreign income mortgages
If you’ve been searching for a mortgage based on foreign income, but have found it hard to cut through the jargon and understand which lender will give you the best deal, then we are here to help!
There are lenders willing to work with your international income, but it’s best to go through an expert broker in order to find the right lender for your specific foreign income situation.
We can help you to connect with the right broker who will take care of everything from finding the right mortgage provider for your situation to getting pre-approval on that loan.
Our service is simple, fast and free – an initial conversation with the broker we match you with carries no obligation to take things further.
Get started by contacting us today on 0808 189 0463 or making an enquiry.
Ask a quick question
We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects. Ask us a question and we'll get the best expert to help.
Pete Mugleston
Mortgage Expert, MD
About the author
Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.
Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!
Continue Reading
Employment Types and Mortgages
How Your Employment Type Affects Your Mortgage Prospects
Getting a Mortgage With a New Job
Getting a Mortgage With a Part Time Job
Getting a UK Mortgage With Foreign Income
Getting a Mortgage With Pension Income
Getting a Mortgage While on Benefits
How to Prove Your Income for a Mortgage Application
Getting a Mortgage on a Fixed-Term Work Contract
Getting a Mortgage Based on Rental Income
Getting a Mortgage on Maternity Leave
Getting a Mortgage With Stipend Income
Mortgages for Temp & Agency Workers
Getting a Mortgage With Bonus, Commission or Overtime Income