Struggling to get a mortgage in principle with USD company earnings

dudeneedsamortgage

Hello. I am currently looking to get a mortgage in principle; however, my mortgage advisor has said that my choices will be extremely limited because my company is paid in USD.

My company is paid in USD ($150,000-$200,000 monthly + £15-25,000 from other clients) on a monthly basis, and I pay myself £10,000 a month on PAYE (in GBP). So the business's earnings are 10-15 times my salary.

The advisor says that because the company is paid in USD and because I own 20%+ of the company, I am considered self-employed and paid in USD, which is a higher risk and limits me to 5-6 lenders.

I am looking to get a mortgage ASAP and have my deposit and so on. I am just struggling to get a wider range of lenders from this particular broker, and I'm not sure if the advice is accurate.

 What are everyone's thoughts on this? Shall I seek another advisor? 

ACG

Your options will be limited quite significantly. I would be inclined to agree with the broker on that front. 

If you are not happy with what the broker has found or you want a second opinion then there is no harm in looking elsewhere. But from what you have said I can believe there are maybe a handful of lenders at normal rates. There will be more than 5-6 lenders but I reckon their rates will be higher. 

Nationwide as an example, they are I think the second biggest lender and they do not accept foreign income. 

Assuming your broker is coming back with normal rates, I dont think they are wide of the mark. Although I say that as someone who has only done maybe a handful of these mortgages in 13 years and I have to start the research from scratch each time, so I am not exactly the best person to ask. 

silvercar

The key is to get a mortgage at normal rates, it doesn’t matter how many lenders will offer this, you only need one mortgage.

amnblog

Your Broker is correct, you will have a limited pool of Lenders.

I cannot see that you will be disadvantaged in any major way by this - the important thing is to get the borrowing.

Jemma01

HSBC did stress about the % I have in my company so decisions are made by me or heavily influenced by me. 

Are you a director?

How many years of accounting does the company have? Has the monthly/annual revenue been consistent?

How much LTV are we looking at?

The fact you have lenders on the table is good enough, you don't need everyone