Policy change aims to support borrowers earning in multiple currencies
Suffolk Building Society has announced that it is now accepting multi-currency applications across its residential, buy-to-let, and holiday let mortgage products.
The change responds directly to broker demand, providing greater flexibility for borrowers with diversified income sources, especially those earning in multiple currencies.
For residential mortgages and regulated BTL applications, applicants must earn income in one of 16 major currencies, while for non-regulated BTL and holiday let mortgages, the mutual will accept income from any currency, with the exception of countries deemed high-risk.
To mitigate potential fluctuations in exchange rates, Suffolk Building Society will convert all foreign currency incomes into Sterling and apply a 20% haircut before conducting its standard affordability calculations. This buffer ensures that borrowers can still meet repayment obligations even if exchange rates shift.
The expanded offering is designed to benefit a range of borrowers, including expats, high-net-worth individuals, and families with multi-currency income streams. The lender, however, stressed that this flexibility is not limited to expats, opening opportunities for any borrower with income sources from outside their current country of residence.
Suffolk Building Society recently began to accept joint borrower sole proprietor (JBSP) applications across its residential, buy-to-let, and holiday let mortgage products.
“We’re so pleased to offer this mix-and-match flexibility on currencies, as we know that many brokers have clients with this need,” said Charlotte Grimshaw (pictured), head of intermediary relations and mortgage sales at Suffolk Building Society.
“We know that income is not just earned in the currency of an applicant’s current location: pensions, rental income, investments, and other income-generating assets could all come from sources outside of their current country of residence. With this update, we are ensuring our lending keeps pace with the different ways people are living and earning.”
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