Mortgage Help - Work/Paid in Euros - Live in the UK

Bond_Villian

Hi.

I'm looking for any help or advice with my situation.

My wife and I are first time buyers. We have saved a 10% deposit (£30'000). Looking to borrow £270'000.

I'm the bread winner and work in Ireland paid in Euros, which I move over to my UK account.
My wife is on a fixed salary works in the UK and paid in the UK.

I earn £62'000, my wife £32'000, we have no children and no debts.

I went to see the Halifax today, and they said they will not offer me a mortgage as I'm paid in Euros (this rule came in 2 weeks ago?) . They would only offer my wife one on her salary so maybe £135'000.

Have any of you had this problem and what do you do, speak to, get your mortgage with???

Thanks for your time...... BV

Thrugelmir

Technically you only reside in the UK not work. The source of your income may well therefore be unacceptable to some lenders. They'll have no idea what else you have overseas out of sight.

ACG

I think you need to speak to a broker sharpish.
The few lenders who do/did foreign currency seem to be pulling out of the market at the minute.

Senior_Paper_Monitor

Absolutely as ACG says - the reaction to the impending European Directive on the Mortgage Market (and whatever they are calling it this week) appears to be tearing the market apart for the second time in two years (UK Mortgage Market Review April 14) and the most obvious result at this stage is earn in one European country and live (have mortgage) in another will become a mortal sin !!!

And when I voted for the bl**dy thing I was told it was going to make it easier to trade with each other (and subsequently move freely between them) .

This is an industry regulating itself out of business - and effing up many ordinary peoples' lives in the process.

.... and yes I am in a bad mood !

dgtazzman

My situation is similar, though I get paid directly into my UK account by my Dutch employer and I submit self assessment tax returns to HMRC every year. Got a mortgage with Nationwide a few weeks ago. I was initially told by my broker it would be very hard with Nationwide as they had already adopted these new regulations, but in the end it went through, based on my SA302's and tax history in the UK.

I think it's a farce that somebody wouldn't be able to get a mortgage purely due to the fact they don't get paid in Sterling.

Also, if you read these new regulations, it doesn't actually say it is no longer allowed. Can't remember the exact wording, but I looked it up when my broker told me about them. I believe it merely restricts lending under certain circumstances when different currencies are involved, but many lenders are just rolling out a blanket stop to save themselves underwriting hassle, I wager...

Senior_Paper_Monitor

AS dgtazzman has identified, what the recent/future MMR, CCL, Consumer Rights Act & EU MCD (inc BTL) legislation/guidelines say and the way that lenders/networks and their compliance arms are interpreting them as meaning are often two different things - there is a severe danger of strangulation by ill designed regulation/compliance in the very near future.

And at the causal epicentre is the blame culture and claims industry which frightens the bejabbers out of the corporate masters - the interpretation is solely driven by their PI cover (whether internal or external) - and the ultimate losers will be Joe Bloggs the home owner or wannabee home owner.

In view of my rather strident views on the sensitive subject, I should make it clear that these are my personal views and do not represent that of my employer(s) or their regulators.

LJC1968

Unfortunately I'm encountering the same problem. I'm English resident, my employer pays my salary into my English bank account in Sterling but my payslips are French showing Euros. On this basis it was a "no" from Lloyds, Yorkshire Building Society and Nationwide. I think (need confirmation) that it's still possible with Santander, Market Harborough Building Society and possibly Barclays but I've just waited 6 weeks for a "no because you earn euros" which was rather... annoying. I'm seeing a mortgage advisor in a few days to see what he suggests but don't want to be restricted to higher interest rates so might try Santander to see if they can definitely lend in my circumstances but the new policies have definitely had a huge (negative) impact in terms of choice.