£750,000 first-time buyer mortgage for American client paid in US Dollars on a skilled worker visa

Trinity Financial recently helped a first-time buyer secure a £750,000 residential mortgage despite having a more complex income and visa profile.

The client is a senior manager at an international IT firm and originates from the USA. He had been living in the UK for around three years and was working on a Skilled Worker visa. This meant many mainstream mortgage lenders were unwilling to consider his application, particularly as he was also paid in US dollars rather than sterling.

Foreign currency income and visa status can complicate mortgage applications because lenders often have stricter criteria for applicants. Some banks will also not accept foreign-currency income, even when the applicant has a high salary and a stable job.

Why did the client contact Trinity Financial?

The client found Trinity Financial through our website after seeing that we had helped other borrowers in similar situations. He was aware that his circumstances would limit the number of lenders available to him and wanted help from an experienced mortgage broker who understood foreign income, visa-related mortgage criteria and the UK mortgage process.

As a first-time buyer unfamiliar with how UK mortgage applications work, he needed guidance on which lenders were likely to accept his case, what documents would be required and how his income would be assessed.

Finding the right lender for American first-time buyers

There were only a limited number of lenders prepared to consider the application because of the Skilled Worker visa and US dollar income. However, because Trinity Financial regularly works with international professionals, foreign currency earners and applicants on visas, we had a good idea from the first conversation which lenders might be able to help.

After assessing the client’s circumstances, we selected the most suitable lender. The bank agreed to consider the application and verified the client’s income, even though he received UK payslips while still being set up on his employer’s US payroll system.

There was some additional work involved in verifying the client’s income, and further information was required from the employer. Once this was supplied, the bank was able to successfully evidence the income and progress the application.

Mortgage offer secured in around two weeks

The client secured a £750,000 capital repayment mortgage with HSBC. The mortgage was arranged over the longest term available to the client to support affordability.

The client selected a fixed rate of just below 4.75% until 31 July 2028, with a £999 arrangement fee. The mortgage also allows 10% overpayments per annum, giving the client flexibility to reduce the balance faster if he chooses to make lump-sum payments in the future.

The mortgage offer was issued in approximately two weeks.

Aaron Strutt, product director at Trinity Financial, said: “Mortgage applications for foreign nationals, visa holders and clients paid in foreign currency can be more complicated because not every lender is comfortable with these cases.

“This client had a strong professional background and a good income, but his Skilled Worker visa and US dollar income reduced the number of lenders available. The key was knowing which banks would consider the application and how to package the application properly."

Can first-time buyers on skilled worker visas get a mortgage?

Yes, it is possible for first-time buyers on Skilled Worker visas to get a mortgage, although lenders are usually more restricted. Some lenders require applicants to have lived in the UK for a minimum period, have a certain amount of time remaining on their visa, or provide a larger deposit.

Applicants paid in a foreign currency may face additional restrictions because lenders need to factor in exchange-rate risk. Some banks will not accept foreign-currency income at all, while others may accept it, subject to underwriting and additional checks.

Using a mortgage broker with experience in visa and foreign income cases can make a significant difference, particularly for first-time buyers who are not familiar with the UK mortgage market.

Case study summary

Need help with a skilled worker visa or a foreign currency mortgage?

Trinity Financial regularly helps professionals, foreign nationals and first-time buyers secure mortgages where income, visa status or residency history makes the application more complex.

Contact Trinity Financial’s mortgage brokers to find out which lenders may be able to help if you are paid in US dollars, euros or another foreign currency, or if you are buying a UK property while on a Skilled Worker visa.

Call Trinity Financial on 020 7016 0790 to secure a fixed or tracker rate mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage