Will foreign income stop me getting a mortgage

Andy_St

There have been a few press articles about it recently . I expect we'll see more press nearer the time - and more lenders making their positions clear.

Indeed, it was an article in the telegraph that first brought it to my attention. I have been in touch with the FCA who directed me to a statement on the issue but i can't post the link as i'm new to the forum

gharrower

andy as per conversation earlier i know you claim SED which by all means makes you a tax payer as you fill a self assesment in every year but the amount you have to pay is 0

mhuk01

gharrower wrote: »

andy as per conversation earlier i know you claim SED which by all means makes you a tax payer as you fill a self assesment in every year but the amount you have to pay is 0

I too am in this situation of claiming SED on my foreign earnings. Does this mean as it is being declared to HMRC, at present there are not issues for getting a mortgage?

gharrower

mhuk01 wrote: »

I too am in this situation of claiming SED on my foreign earnings. Does this mean as it is being declared to HMRC, at present there are not issues for getting a mortgage?

no issues at present but these new rules could change that , we shall have to wait and see

Andy_St

mhuk01 wrote: »

I too am in this situation of claiming SED on my foreign earnings. Does this mean as it is being declared to HMRC, at present there are not issues for getting a mortgage?

The problem is the directive will take affect from March next year.

So far the response from brokers is not great, already one has turned me down for the sole reason of earning in US Dollars, a couple more think it will be very difficult but have not got back to me yet (waiting for info from their enquiries)

Doesn't look promising though.....

Whats the point of working hard to save a deposit.....

Andy_St

Just to give an update, we have been able to get an A.I.P with a lender who is happy even though my earnings are not in Sterling. So although lots of lenders didn't want to know after they heard "foreign earnings" it is possible to get a good deal.

Thrugelmir

Let us know how matters develop.

dgtazzman

See other 2 threads on the subject. There are still some lenders/groups that are happy to lend on foreign income. Some do so without restrictions, others factor in reductions to their calculations as a safeguard for exchange rate fluctuations.

Andy_St

As an update we have had a Full Mortgage approved with Natwest. No issue with Foreign Income. We used a broker and have had a very smooth and hassle free process

Andy_St

P.S Does anyone know if Natwest credit searches show on Experian?