Halifax Expands Lending Criteria to Include Foreign Income Mortgages
Halifax has recently made an exciting update to its lending criteria, joining the likes of HSBC and Nat West along with some smaller lenders, Market Harborough and Dudley Building Society. It will now accept mortgage applications for purchases and remortgages from those with foreign income. This change is effective immediately and will allow applicants to use five non-sterling currencies as an accepted source of income.
Foreign Currencies Now Accepted:
- Euro (EUR)
- US Dollar (USD)
- Australian Dollar (AUD)
- Indian Rupee (INR)
- Swiss Franc (CHF)
What Types of Income are Accepted by Halifax?
Halifax will accept various types of income, including basic salary, bonuses, overtime, and commission. The bank will convert the income displayed on your payslip into GBP. To manage any risks associated with currency fluctuations, Halifax will apply a “haircut” or reduction of 20% on regular income and 10% on bonus income.
Who benefits from this change?
This recent update to Halifax’s lending criteria is highly beneficial for a variety of UK professionals who receive income in foreign currencies or have overseas investments. In the past, borrowers with non-sterling income often faced challenges in fully utilising their earnings when applying for a mortgage, and some may have even struggled to secure a mortgage at all due to the restrictions on foreign income.
By expanding its criteria, Halifax has now made it easier for these individuals to leverage their entire income, opening the door for many to achieve their dream home.
The Importance of Expert Guidance
Navigating the complexities of securing a mortgage with foreign income can be challenging, making it essential to seek the expertise of an experienced mortgage consultant. Their expertise can help you find find the best possible mortgage solution tailored to your specific needs.
Our experienced mortgage consultants are ready to assist you with personalised guidance every step of the way. For an initial consultation, speak with our experts or call us at 01628 564631. We're here to help you navigate your mortgage journey with informed advice and care.
Take the first step towards securing your mortgage today.
Your mortgage is secured on your property. Your home may be repossessed if you do not keep up repayments on your mortgage.
The information contained within was correct at the time of publication but is subject to change.
Source: Halifax for Intermediaries
