Paid in Foreign Currency
Prospect Mortgage Services provide independent, sound and honest advice for your mortgage and protection needs.
If your income is in a currency that is different to that which applies to the mortgage on the property you want to buy, then you are a foreign currency [FC] borrower. This is the case even if you live in the country and your wages are paid into a bank account in that country. (E.g. if you live in the UK and you are paid in euros or dollars then you would be taking out an FC mortgage where your mortgage is in sterling).
So what is all the fuss about?
One bonus is that legislation has added the opportunity for people who take out a Foreign Currency mortgage to change lenders if the exchange rate between the two currencies moves by more than 20%, particularly if you prove it is no longer affordable.
Because of the risk, some lenders have stopped offering mortgages to people paid in foreign currency. However, your Prospect Adviser will be able research the best deal for you using the latest lender criteria and terms & conditions.