Paid in foreign currency?
If you have a client based in the UK who works for an overseas company, they could be paid in that country’s currency. Some lenders consider that an unreliable income source, as the fluctuation in the exchange rate would affect how much they were paid each month. Especially if the economy suddenly comes under pressure and the pound's value drops like we saw in quarter four, 2022. This type of client might find it difficult to obtain funding, especially a mortgage.
Our unique approach to credit risk and our sensible attitude to lending takes into account that not all situations are the same or perfect. We also not believe people should be penalised just because of how they are paid.
West One’s sensible approach to risk allows us to take a no-nonsense approach to lending and gladly accept applications from people paid in a foreign currency.
Whether your client gets paid in Euros, Yen, US dollars or has another form of complex income , if they are looking to purchase an additional UK property, need to raise funds across an existing UK portfolio or refinance their current secured loans, please get in touch with one of our experts.