New Mortgage - Please Help!!!

needadvicehere

Hi all, I'd appreciate anyone's views particularly for those who have had experience of this (especially if you are broker, advisor, BDM or underwriter!)

I'd like to put in an application with Halifax. I reside in the UK and pay UK taxes. I will be joining a US-based firm who's got a worldwide presence including London. I will be relying on the income of my new job that will be commencing within 3 months. My salary is quoted in USD, however it will be paid directly in GBP. I am confident that my payslip will only show GBP as the only currency.

However, Halifax pre-approvals team have said that they would be unable to consider my future income as it originates in USD. I do not agree with this, given I will be paid directly in GBP (albeit within a fixed range). 

Further, most American-headquartered firms will quote their London-based front office and senior management employees' salaries in USD, but they will definitely be paid in GBP (otherwise how could one survive in England!). The US-pegged salaries are also likely to be subject to a cap/collar (floor/ceiling), meaning the salary will not fluctuate out of the range despite FX exchange fluctuation.

Anyone has had this but managed to get a mortgage from Halifax (or another high street lender)? Doesn't make sense to me if most American-headquartered London firms can't get a mortgage in UK!

JMA74

If you are paid in USD and it is converted to GBP when you receive it then you are still paid in USD.  Is your USD salary fixed or is your GBP salary fixed?  If the latter then Halifax will do it if you present it in the right way, if its not fixed in GBP then its a foreign income based mortgage and Halifax wont touch it. 

Its nothing to do with where a firm has an HQ, its to do with what currency drives your pay.    I have just done a case with a UK resident, working in norway, to a firm that has a hq in singapore, and is paid in USD which is converted to GBP......thats a USD case as thats what drives his actual pay

Other high street lenders will do it though no problems.  Just not for Halifax