We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Proof of deposit in European bank acceptable?

Options
Hello,

I am applying for a mortgage and I have lined out all documents.

I move to the Uk few years ago and I have 1/3 of my deposit in my old spanish bank in euros.

Since I am worried of being guzumped and the euro is at rock bottom against pound, hoping that election will push up a bit my euros, so I want to wait for the transfer.

Will a lender accept as a proof of income a statement from my bank back in Spain?

If not, does make sense applying for an higher LTV and then if the contract exchange happens I transfer the euros and change my application to a lower LTV?

Thanks!

Comments

  • I would hope a foreign statement is sufficient. Are you using a broker and if so what did they say?

    If not acceptable check out citibank uk. They offer foreign currency accounts, no fee if you keep a certain balance. That way you could keep it in euros but in a uk bank. We kept quite a lot of swiss francs there and sold when they abandoned the euro peg recently, lucky! After that we closed the account to avoid charges.

    Might even be worth asking if the bank you bank with here offers a EUR account.

    I don't think it'll be that easy to change LTV after exchange but again ask your broker or the bank where you're applying.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    tellme_why wrote: »

    Since I am worried of being guzumped and the euro is at rock bottom against pound, hoping that election will push up a bit my euros, so I want to wait for the transfer.

    ECB's actions may well devalue the Euro even further in the medium term.
  • dgtazzman
    dgtazzman Posts: 1,140 Forumite
    I think the EURO has seen the bottom for now, but not expecting it to hit the heights it once had for some time.

    I get paid in EURO, so it has hurt, grrrrr.

    On subject, some of the money I used when I bought my house came from my old Dutch account. A statement from the Dutch bank was sufficient for the lender.
  • You are a resident here but get paid in euro? The bank may not like the foreign currency risk inherent in your situation, ie getting paid in eur vs mortgage in pounds. Have you got a broker and have you inquired about this?
  • tellme_why
    tellme_why Posts: 57 Forumite
    Ninth Anniversary 10 Posts Combo Breaker
    Thrugelmir wrote: »
    ECB's actions may well devalue the Euro even further in the medium term.


    ECB QE it's priced in already.. no interests rate signals from BOE now until election day.. election uncertainty (see gbp/eur trend down util 6 May 2010).. the greek tragedy will never happen but scares off investors..
  • tellme_why
    tellme_why Posts: 57 Forumite
    Ninth Anniversary 10 Posts Combo Breaker
    dgtazzman wrote: »
    I think the EURO has seen the bottom for now, but not expecting it to hit the heights it once had for some time.

    I get paid in EURO, so it has hurt, grrrrr.

    On subject, some of the money I used when I bought my house came from my old Dutch account. A statement from the Dutch bank was sufficient for the lender.

    G8 :) May I ask what lender? was it may years ago?
  • tellme_why
    tellme_why Posts: 57 Forumite
    Ninth Anniversary 10 Posts Combo Breaker
    You are a resident here but get paid in euro? The bank may not like the foreign currency risk inherent in your situation, ie getting paid in eur vs mortgage in pounds. Have you got a broker and have you inquired about this?

    no, I get paid in gbp, just some old savings hard earned when I lived overseas..
  • dgtazzman
    dgtazzman Posts: 1,140 Forumite
    Lender was/is Nationwide in my case. They didn't have any issues with me being paid in EURO, they simply confirmed my employment etc. with my employer, though I didn't borrow anywhere near my limits. Even with the EURO at it's 10-year-low vs the pound, I still have ample spare on income multiples.

    Strange situation, but I'm a merchant mariner, so I'm not tied to a geographic location. I work for a Dutch shipping company, so I get paid in EURO.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.