Offshore Mortgage Lenders

Nic_George

Our situation is complicated due to foreign earnings. I will check HSBC this morning but am gathering a list of offshore mortgage lenders in the interim. Does anyone have any recommendations?

Ps, have tried two brokers and neither have mentioned the 25% reduction in earnings which is problematic for us.

Andy_St

Hi Nic.

I am in a similar situation as my Salary is in USD and we are buying a property in the UK. We have been given and A.I.P so it is possible. I can put you in touch with my Financial Advisor if you want?

Nic_George

Please could you pm me? We have an AIP but it's useless as the broker didn't calculate a 25% reduction for currency fluctuations.

dgtazzman

HSBC doesn´t use a 25% reduction for currency fluctuations, as far as I know this is only done by Santander.

This has also been said in your other thread on the subject.

Natwest/RBS is another group that still lends on foreign currency incomes and I can´t find anything in their lending criteria about reductions in affordability because of this, only says they MIGHT limit LTV values, depending on the case, as also already mentioned.

If you use a broker, sit down with them and go through the situation so they fully understand. The previous one I used turned out to be rather useless, hence why I had to go studying lending criteria etc. myself as when things went South with my mortgage offer from Nationwide, he was out of his comfort zone and started grasping at straws, making one mistake after another. I went out and sorted myself in the end as I didnt want to work with him anymore. After I secured a mortgage offer, he had the gall to announce he had advised me where to go and thus had done a good job towards the builders of my house. Luckily I had already discussed the dealings I had with him with the builders in detail and they are no longer sending customers his way. This wasn´t a commission deal with the builders before there are comments, they are a small family company, they just gave me the details of several local MA´s they had dealt with over the years for my information and I proceeded with one of them, which turned out to be a mistake.

He was supposed to be independent whole of market, but told me there weren´t any lenders out these that would accept foreign income and take part in the HTB scheme, so I raised enough deposit for a standard mortgage. Turns out he was very very wrong as Natwest would have satisfied those criteria. At least I will no longer have an equity loan to worry about. Might also be smaller lenders out there that will be happy to help you.

Lloyd´s group is a no (Lloyd´s, Halifax)
TSB is a no
Nationwide is a no
Virgin is a no
The Supermarket banks are a no (though they are probably just reselling somebody else´s mortgages)

HSBC is a yes
RBS group (Natwest) is a yes
Santander is a yes (with 25% reduction of income for affordability calculation)

That´s all the ones I looked at. A good broker can probably find more.

Nic_George

Thanks for the detailed reply DG, RBS (Natwest) are still one to try.

dgtazzman

Could also ask Woolwich/Barclays, can't find anything in their terms excluding foreign income, though I can't find anything including it either...

Aldermore is a no
Post office is a no

I must be bored looking all this up, starting to feel like a MA...