Offer!Refer, Relax and get £50
If you refer a friend for a mortgage or any
type of finance you’ll both receive £25
each when their new application
Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.
Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.
Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.
This calculator is an estimation of how much you could borrow. If you’re ready to take out a mortgage, speak to a Revolution brokers to see what options are available.
Many UK mortgage lenders are reluctant to consider any income in the assessment process that originates outside of the UK.
There are many reasons for this, including the risk of currency exchange rates and a lack of familiarity with international income streams.
Here we'll explain how the process works and how a lender might assess overseas income. For more support with securing a mortgage using your international earnings, contact Revolution on 0330 304 3040, or drop us a message at email@example.com.
Of the lenders who will consider applicants with overseas income, the currency makes a difference. Most mortgage providers will include income in the following currencies:
The primary factors are:
If you're paid in a currency other than sterling, you will find it trickier to gain mortgage approval. Self-employed mortgages for international earners are still rarer because it can be challenging to prove your income and how stable this is.
Your tax residency status is also a factor since few lenders will consider it worthwhile to negotiate an overseas tax regime to calculate your affordability.
Most lenders will only consider overseas income if the applicant is a UK domicile who pays taxes and files accounts in the UK.
Some currencies are much lower risk than others. That is because the income is at lower risk of fluctuating in value or because the lender has more experience in specific currencies and can reliably estimate how likely you are to afford your mortgage repayments.
The location of your work also matters - if you are in a nearby European country, this is likely to be seen as lower risk than somebody working on the other side of the world.
Suppose your foreign income comes through a placement with a well known, respected UK company or one with a longstanding presence in the UK. In that case, a lender is far more likely to be comfortable approving your mortgage application.
Likewise, traceable income makes a substantial difference, so earnings in cash in a different currency overseas are highly unlikely to make for an income stream that is considered feasible.
Most lenders will need to see payments made consistently, preferably to a UK bank or banking provider with branches in the UK.
Well-known banks are seen as more secure and lower risk.
It can do, yes, just as your employment in the UK would impact the assessment of any other mortgage application.
Foreign income earners with a long track history of stable employment with the same international business are at a lower risk. Other factors include:
Usually, once you have lived in the same country and been earning your income from the same employer for at least a year, the risk factor begins to drop.
A lot depends on where your deposit comes from. If held in an international bank, you will need to provide evidence as to where those funds came from.
Possibly, but your options will be minimal if you have severe credit issues. There are specialist bad credit lenders who will consider applicants in most scenarios, including those with a history of repossessions or bankruptcy.
You will need to demonstrate other risk mitigation factors to successfully apply for a mortgage on a UK property, both with bad credit and international income streams.
There is a lot to consider, hence the requirement to use an independent broker with experience in negotiating this type of lending.
While the process might be slightly more complex, it is never impossible to find a UK mortgage based on foreign income.
The mortgage advisors team is wholly independent and whole-of-market, giving us the flexibility to negotiate rate and terms with any lender we determine is most likely to offer you a mortgage at competitive charges.
Give us a call on 0330 304 3040, or drop an email to firstname.lastname@example.org to schedule a good time to talk.
Do I Qualify for First-Time Buyer Status? Working out whether or not you are a first time buyer may seem obvious - but there are plenty of scenarios where your position isn't clear! Examples might include: New buyers who have inherited a property they rent out. Buy-to-let investors that have never purchased a residential hom..
Most homeowners know that remortgaging means switching a mortgage from an existing lender over to a new deal. However, the process isn't always obvious. If you're on a fixed-rate deal, you'll want to get ahead of the end of the term to avoid being shuffled onto a higher standard variable rate where your interest costs will undoubtedly ..
Finding a great mortgage as a first time buyer can feel like an uphill struggle, with a larger proportion of applicants being turned down than a year ago. Around 20% of first-time mortgage applicants are rejected, usually because of the lender risk associated with their loan. Today, Revolution Brokers explains the highest risk facto..
Investing in a rental property can be an excellent way to get onto the property ladder and earn an income. However, if you haven't owned a residence before, you might find that a mainstream bank will automatically turn you down for a buy to let mortgage. In today's guide, the Revolution Brokers team explains how you can become a ren..
Buying a home for the first time is a massive step - but the deposit is often a stumbling block for first-time buyers. It can take years to save a sufficient amount or be impossible, so there are several ways to approach the problem and get your foot onto the property ladder. From April 2021, the UK government launched the new mortg..
There is little doubt that UK buyer confidence is at an all-time high. We've recapped previously in our blogs how property market growth and prices have soared over the last few months! As we head into summer, one key area of mortgage finance seems to be expanding rapidly: property auction finance. In this article, the Revolution..
type of finance you’ll both receive £25
each when their new application
We are proud
members of the:
The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature. We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.
Revolution Brokers understands that mortgages can be complex and confusing!
Ask us any question you might have, and one of our skilled consultants will come back to you as quickly as possible.