Will foreign income stop me getting a mortgage

looknohands

Good to hear you got a deal but interesting topic, not an expert but I'd imagine the issue would be exchange rates right?

At the moment you're getting £700 per $1000, under two years ago you were getting £580 per $1000.
So your lender is gambling with your affordability on exchange rates, your cost of living stays the same but your earnings technically fluctuate.

However am intrigued that you got a deal, mortgage company is essentially playing the FOREX!
I'd imagine your affordability criteria was super strict.

I get paid from US but stipulate that I'm paid sterling amount.
At the moment clients are enjoying it as they're getting more of my time for their $'s, I never loose out as cost of living here is always going to be the same, so my rate is based on that.

Andy_St

Yes, its all to do with the exchange rate fluctuations.

Affordability wasn't so bad, we are borrowing 50% of what the AIP said we could have....

Thrugelmir

Andy_St wrote: »

Yes, its all to do with the exchange rate fluctuations.

Affordability wasn't so bad, we are borrowing 50% of what the AIP said we could have....

Suggests that you have a clear comfort margin to absorb the swings.