In this brief guide, we will discuss Mortgage lenders that accept foreign income.

Mortgage lenders that accept foreign income

The number of mortgage lenders who accept a mortgage with foreign income used to prove affordability of the mortgage are varying.

To be certain a mortgage lender will accept foreign income you should speak with a mortgage broker who will analyse the mortgage options on the mortgage market and let you know which mortgage lenders may be best suited to you due to your need to use foreign income as your source of income.

It is more likely that mortgage lenders will accept you if your foreign income is paid to you in GBP.

The different mortgage lenders on the market will each have varying mortgage lending criteria when it comes to foreign income.

Although it may prove difficult to get a mortgage with a foreign income, it may be possible based on the mortgage lenders available on the market.

If you work abroad and get paid in only foreign currency or a mixture of both foreign currency and GBP then it may be possible for you to get a mortgage with foreign income but you can expect a few different things such as:

  • A higher mortgage deposit – likely above 10%
  • A higher mortgage rate
  • Fewer mortgage lenders in this space
  • The requirement of a high credit score in some cases
  • The requirement of a stable job

You will also need:

  • Proof of employment
  • Payslips for a number of months- e.g 6
  • Proof of address
  • Your identification documents
  • An accountants letter 
  • Your tax return documents

You may need the documents you submit to be written in English although there are some mortgage lenders that will accept these documents in their foreign language format.

Can you get a foreign income mortgage with bad credit?

If you have bad credit in the UK then getting a foreign income mortgage could be slightly harder as mortgage lenders often prefer to lend to people with good credit or okay credit.

Bad credit could include:

  • Debt management plans
  • County court judgements
  • Missed credit repayments
  • Late credit repayments
  • Mortgage defaults or other credit defaults
  • Bankruptcy
  • Credit arrears

FAQs:  Mortgage lenders that accept foreign income

Below are some of the most frequently asked questions about mortgage lenders that accept foreign income.

Can you get a mortgage if you work overseas?

Yes, you may be able to get a mortgage if you work overseas but you may need to meet the mortgage lenders requirements which may be much more strict

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

It is possible to get a mortgage if you are paid in Euros but you may be required to pay a much higher mortgage rate and put down a much bigger mortgage deposit.

Some mortgage lenders offer foreign currency mortgages which will enable you to get a mortgage if you are paid in euros.

Can I get a UK mortgage as a non resident?

Yes, you can get a UK mortgage if you are a non-resident as long as you legally reside in the UK and have suitable proof of income.

Use a mortgage broker

Mortgage brokers are important as they can access mortgage products from across the whole of the market in some cases.

This could be over 11,000 mortgage products. This may have some advantages rather than going directly to a mortgage lender.

A mortgage broker will look to understand your financial circumstances and then provide recommendations on which mortgage products may be suitable for you based on your mortgage affordability.

After giving you these mortgage recommendations, most mortgage brokers will seek your consent to apply for a mortgage in principle. 

This will allow you to shop for your home easier as more estate agents and sellers may take you seriously or it will give you confidence that your mortgage is indeed a possibility before you make a full mortgage application. 

Once you have found a home you want to buy and are satisfied with the mortgage offer for your mortgage then the mortgage broker will then look to get you a mortgage offer.

This will come with a key facts illustration document which details out the features of your mortgage including how much you will pay per month.

It will also contain information on if there are any limits such as early repayment fees, or annual overpayment limits.

If you are happy with everything you can then go on to secure your mortgage with the help of a conveyancer.

Your conveyancer will manage the legal searches on the property to ensure there aren’t any issues with it.

They will oversee the sales agreement to ensure it is in your best interest, they will manage the transfer of mortgage funds, exchange contracts with the seller or their conveyancer and set a completion date with the seller or their conveyancer.

In this brief guide, we will discuss Mortgage lenders that accept foreign income.

If you have any questions or comments please let us know.

John Bate

John has 22 years of experience in financial services. This spans across financial research, financial services (As a qualified mortgage broker and underwriter), financial trading and sales at global investment banks. While working as a publishing research analyst, he covered European bank credit and advised institutional clients on investment strategies at both JP Morgan and Societe Generale. John has passed all three levels of the CFA (Chartered Financial Analyst) programme.