Investec Private Bank has confirmed it will continue providing mortgages to UK based borrowers who receive part or all of their income in a foreign currency.
A host of lenders including Halifax, Metro Bank, TSB and Clydesdale Bank have all stopped accepting foreign income in preparation for the new European Mortgage Credit Directive being introduced in March 2016.
Peter Izard, business development manager at Investec Private Bank, said: “An increasing number of lenders have announced their intention to pull out of the foreign currency mortgage market, but Investec remains committed to supporting borrowers with income generated partly or wholly in another currency.
“A classic example is a banker based in London who works for a European or US bank and receive their salary in sterling, but also receives a bonus and share options in Euros or US dollars. Under the terms of the new MCD rules, this is classed as a foreign currency mortgage.”
Investec’s Professional Mortgage is designed for qualified professionals earning over £75,000 planning to borrow between £250,000 and £1million.
The bank also offers a “£Million+ Mortgage” targeting borrowers with a minimum income of £300,000 and net assets of approximately £3 million.
For help to secure a mortgage, call Trinity on 020 7016 0790.