Halifax has confirmed that from 12 August it will be introducing non-sterling income into acceptable income types.
The following five non-sterling currencies US Dollar, Euro, Australian Dollar, Indian Rupee and Swiss Franc will all accepted.
For purchase and remortgage applications the income types that Halifax will accept in non-sterling are employed basic salary, bonus, overtime and commission.
The lender will convert the income amount to sterling and apply a haircut of 20% (10% for bonus income) to cover any potential currency fluctuations.
Commenting on the Halifax news Trinity Financial product and communications director Aaron Strutt said: “This is a positive move from Halifax as it gives brokers another option to help place cases for clients with more complex income structures.
“We consistently get enquiries from people living and working in the UK who are paid in a foreign currency. Most of them are paid in euros, dollars or Swiss francs. It is less common to speak to people paid in Australian dollars or Indian Rupees unless they live overseas.”
He added: “Lenders like HSBC and NatWest are generally keen to accept certain foreign incomes and even some of the smaller lenders like Market Harborough or Dudley Building Society.”
