Getting a Mortgage with Foreign Currency Income in the UK
DIRECTOR AND MORTGAGE ADVISER
Earning in a foreign currency while living in the UK is increasingly common — particularly among professionals working remotely for overseas firms or employed by international organisations.
But when it comes to securing a mortgage, foreign currency income can raise extra questions. Not all lenders will accept it, and those that do often have strict rules.
In this guide, we’ll explain how foreign currency income is treated by UK mortgage lenders, which currencies are accepted, and how to put yourself in the best possible position to get approved.
Who This Applies To
You may be earning in a foreign currency if:
You work remotely for an international company (e.g. a US law or tech firm)
You’re employed by a multinational while living in the UK
You receive income via a UK bank, but it’s denominated in USD, EUR, AED, or another currency
You work for an embassy, intergovernmental organisation, or global NGO
Lenders treat these cases differently from standard UK-sourced income — even if you're based in the UK full-time and pay UK tax.
How Lenders View Foreign Currency Income
Some lenders accept foreign currency income
Several mainstream and specialist lenders will accept foreign income if it’s consistent, clearly documented, and paid in a recognised currency.
Most commonly accepted:
US Dollars (USD)
Euros (EUR)
Swiss Francs (CHF)
Japanese Yen (JPY)
United Arab Emirates Dirham (AED)
Australian Dollars (AUD)
Some lenders — particularly specialist and private banks — will accept over 100 currencies, though less common currencies often require more bespoke handling.
What if you're paid in GBP but the contract is in a foreign currency?
This is common among professionals working for US firms.
Even if you’re paid in GBP, lenders may treat your income as foreign currency if your contract is denominated in USD or another currency
Monthly payments may fluctuate depending on exchange rates
Some employers apply a cap-and-collar structure to limit the impact of currency swings
Despite being received in GBP, FX risk still applies, so lender discretion is key
Conservative lenders may apply income “haircuts”
Where risk is perceived — particularly with fluctuating payments or lesser-known currencies — lenders may reduce the usable income by 10–25% as a buffer.
Recent Case Studies
Key Documents You’ll Need
To support your application, you’ll usually need:
An employment contract showing income, currency, and terms
Payslips from the last 3–6 months
Bank statements showing salary payments (ideally into a UK account)
Proof of residency and right to live/work in the UK
Possibly a letter from your employer confirming ongoing employment, payment frequency, and any FX structure (e.g. cap and collar)
If you’re paid gross or outside the UK tax system, you may also need:
A summary of your tax status
An accountant’s letter or explanation of how your income is reported
Speak To An Expert Today
Get in touch for a fee free, no-obligation chat about how we might be able to help you.
Tips for a Stronger Application
Choose a lender familiar with foreign currency cases – Don’t assume your bank will be the best fit
Get a letter from your employer – It should confirm income currency, consistency, and any contractual protections
Use GBP accounts where possible – This can help simplify the application and reduce FX documentation
Work with a broker – Criteria and policies vary significantly, and getting this right early can save time and money
What Our Clients Say
FAQs
Can I get a mortgage if I live in the UK but earn in USD?
Yes — many lenders will accept USD income, especially if you’re UK-based and the income is regular. Documentation and lender choice are key.
What is a foreign income “haircut”?
It’s a lender-applied reduction to your stated income (e.g. 10–25%) to allow for exchange rate risk. Not all lenders apply this, but some do by default.
Will I get better rates with a UK salary?
Potentially, yes. Standard income is easier for lenders to process. But with the right presentation, foreign income applicants can still access competitive deals.
Can I use bonus income in a foreign currency?
Yes — if it’s regular and documented over at least two years, some lenders will include a portion of it in affordability calculations.
Do I need a specialist lender?
Not always. Many mainstream banks have underwriters who handle foreign income — but you may need a broker to access them directly.
Conclusion: Income Isn’t the Issue — Presentation Is
Foreign currency income shouldn’t hold you back from buying a home in the UK — but it does require careful handling. With the right lender, documents, and advice, it’s entirely possible to get a mortgage based on overseas earnings.
Need help securing a mortgage with foreign currency income?
We specialise in complex income cases, including USD, EUR, AED and other non-GBP earnings.
YOUR HOME MAY BE REPOSESSED IF YOU DON’T KEEP UP REPAYMENTS ON YOUR MORTGAGE
Kite Mortgages is a trading style of Kite Financial Ltd which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.
APPROVED BY THE OPENWORK PARTNERSHIP ON 15/07/2025
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