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Paid in Foreign Currency

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?

Recent changes to the legislation around mortgages have added the opportunity for people who take out a Foreign Currency mortgage to move if the exchange rate between the two currencies moves by more than 20%, particularly if you prove it is no longer affordable.

Many lenders feel that the new rules mean that it simply isn’t cost effective to manage the currency risk and so have stopped offering mortgages to people paid in foreign currency.

There are a few lenders that will still consider offering a foreign currency mortgage and we would recommend speaking to a mortgage adviser to find the right lender for you.


Your home may be repossessed if you do not keep up repayments on your mortgage

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