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Ipswich BS allows foreign currency deposits for expats

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  • 18/11/2019
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Ipswich BS allows foreign currency deposits for expats
Ipswich Building Society has updated its expat lending criteria to accept deposits held in overseas bank accounts in one of ten selected currencies.

 

The currencies are euros, Swiss francs, Norwegian krone, US dollar, Canadian dollar, Singapore dollar, Hong Kong dollar, United Arab Emirates dirham, Kuwaiti dinar and Qatari riyal — as well as pounds sterling. 

The deposits will be accepted for residential and buy-to-let products whether purchase or remortgage across England and Wales.

The applicant must hold the deposit in their own name and evidence its build-up, in English, though bank or savings statements, proof of a previous property sale or other documented source. 

The deposit would have to be drawn from the applicant’s own resources and may not be gifted. Funds must be transferred to a UK bank account held in the applicant’s name prior to application. 

 

Broker coverage

The products comprise two-year fixed and discounted rates and a five-year fixed. 

The residential range is available at 80 per cent loan-to-value (LTV) and BTL at 75 per cent LTV.

The loan size extends from £75,000 to £500,000, the term runs to a maximum 40 years, new-builds are accepted and there’s no age limit.

The mortgages are available direct, through selected broker networks and from brokers based in the society’s local areas of Bedfordshire, Buckinghamshire, Cambridgeshire, Essex, Hertfordshire, Norfolk and Suffolk.

 

Affordability allowables

Applicants must be employed by “a recognised international employer, i.e. a large multinational firm,” the mutual said. 

Applicants’ minimum income for the residential products must be £40,000 or equivalent, with employed, self-employed, pension and investment income taken into account.

Applicants for BTL mortgages may be paid in any currency with rental income taken into account.

“Juggling currencies is a headache for many expats. We hope to remove one of the complications for UK nationals living abroad by allowing deposits in foreign currencies,” said Richard Norrington, chief executive at Ipswich BS (pictured).

“Our manual underwriting process enables us to take a common sense approach to lending to expats investing in UK property. Their finances can be more complex than those of a UK-based applicant,” Norrington added.

 

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