Halifax has made some changes in response to the feedback and is now accepting five more foreign currencies for income validation. Some of the currencies are the US dollar, the Euro, Australian dollar, Indian Rupees, and Swiss Franc.
Halifax will convert your basic salary, bonuses, overtime, and commission from these currencies to GBP for anyone applying for a mortgage or remortgage. To adjust for exchange rate volatility, they will charge 20% of the converted amount as a contingency, or 10% for bonuses.
If your payslip shows your income in the original currency then it is enough to verify it. But if it’s in GBP already, then your broker will be required to present a compensation letter or a remuneration statement to go hand in hand with the payslip.
Nevertheless, Halifax said that the calculator which is on their website, ‘’Affordable’’, will not be able to take non-sterling income as soon as this division is launched.
On the same note, Halifax has also improved its handling of shared ownership applications as well. Its latest change is the shift from the estimated rent to the actual rental payments in the affordability assessments for DIP and full application decisions. This change is hoped to make it easier and more obvious on the amount of loan you can get from the start. It does seem to be a move in the right direction for enhancing the sector’s support for the shared ownership market.
Also, Halifax will consider the evidence of the shared ownership rent amount which will be also requested in the key information document or memorandum of sale.
Finding the right program of getting a mortgage when using foreign income could be very difficult and hence getting the services of an expert who is well conversant with this is paramount. These specialists should be in a position to assist to identify which is the most optimum mortgage solution for your needs.
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