Santander changes foreign currency mortgage calculations

by Aaron Strutt

Jul 04 2016

Santander has changed the foreign currency exchange rates it uses to calculate earned income for applicants paid in foreign currencies.

Any applications with income paid using the US Dollar, Euro, Swiss Franc or UAE Dirham, will have the following average exchange rates applied:

• US Dollar – 1.439
• Euro – 1.276
• Swiss Franc – 1.385
• UAE Dirham – 5.286

Aaron Strutt, product director at Trinity Financial, says: “Once the sterling equivalent figure is calculated, Santander applies a 25% reduction to allow for currency fluctuations.

“The bank has t the same exchange rates as it was using prior to the leave vote, rather than the exchange rate on the day of the calculation.”

There is still a host of lenders accepting foreign currency mortgages, although some banks are more generous than others.

Changes in the exchange rate may increase the sterling equivalent of your debt.

For help to secure a foreign income mortgage call Trinity on 020 7016 0790.