Euro & Sterling wages! How to get a mortgage!

Dee_mc · 14 July 2017 at 9:38AM

Hi all. Im new here so not sure if this will go to the right place but hopefully someone can help. My husband and I were in a position about 2 years ago to get a mortgage, however there was a change to legislation which prevented us from progressing. We live in Northern Ireland close to the border of republic of Ireland. I work in the north and receive sterling wages. My husband works in the south and receives euro wages. On speaking to our bank, my husbands wages were completly rejected due to them being in a 'foreign currency' even though they are put into the bank each week either by cheque or changed in the beaureu first then put in depending on exchange rates. We still couldnt get our mortgage! Please tell me things have changed or of a known loop hole because this is the way we will continue to earn and feel like we are hitting a brick wall! We are both full time employees.

Lilla_D · 14 July 2017 at 1:53PM

You're right, most lenders nowadays don't accept foreign currency income and many lenders don't lend in Northern Ireland anyway. Not claiming to be an expert on Northern Ireland, but I know of 1 lender, who could help you, so there is hope. Unfortunately I can't name lenders here on the open forum, but if you do some research or speak to a broker, you should be able to find the solution.

engineer_amy · 14 July 2017 at 4:22PM

Who do you bank with? I know Ulsterbank accepted euro salary details for one of our workers for a property in the North. They either adjusted his salary to be lower, or applied to a different multiplier (not sure which) to account for fluctuations in the exchange rate. This was about 18months ago, and he was on a long term temporary post - they accepted this along with a letter from the employer. He was also paid directly into his account, not by cheque

Lilla_D · 14 July 2017 at 5:17PM

The foreign currency income rules changed last year, so your worker may have got their mortgage beforehand...I was referring to another lender.

Dee_mc · 14 July 2017 at 7:26PM

Thanks for the replies. I bank with bank of ireland. Which surprises me as they are based in both north and south. I will do some more reserarch. I was also told that it did not matter whether euro wages went in as cash or cheque as long as the p60 can be provided. The cash is usually placed straight into our savings account and then taken out for living expenses with the rest staying in savings. We are just so annoyed that we may not be able to move forward and finally own our own place! I guess we want to ensure that we are currently placing our money where it needs to be in regards to euro cheque/cash or if it should actually go straight to bank from employer. (Although this was requested last year but for some reason didnt happen). If things change or are in the process of changing we want to be ready to go ahead with a good, acceptable record behind us. Not to be turned away due to small details such as wahes being paid in to our account in the 'wrong way'.

antrobus · 14 July 2017 at 8:08PM

Dee_mc wrote: »

Thanks for the replies. I bank with bank of ireland. Which surprises me as they are based in both north and south. ...

What you have in the south is the Bank of Ireland Group PLC, what you have in the north is the Bank of Ireland UK PLC, which is a subsidiary of the former. Bank of Ireland UK PLC also operates in the rest of the UK, as well as NI. It runs Post Office savings accounts and Post Office credit cards, for one thing.

But they are different banks. One is regulated by the Central Bank of Ireland, and the other by the PRA and FCA in the UK.

TakeItAsRed · 15 July 2017 at 10:23AM

I had a similar problem last year. I am paid in Euros, from a company in Belgium. I got a good broker who managed to get me a mortgage from TSB. The rules could have changed since then though.

Dee_mc · 19 July 2017 at 12:03PM

Ok this is positive! It was about 2 years ago since the rules changed and fully came into effect april of 2016 to my knowledge. Its great to know there is a little hope for the future!

Dee_mc · 16 January 2019 at 12:16AM

To all you guys who helped, we secured our mortgage last week with Danske bank! We spent months using a broker to no avail so we pushed through on our own and Finally got there! &#55357;&#56842;&#55356;&#57313;

Euro & Sterling wages! How to get a mortgage!

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