Santander starts accepting mortgage applications for borrowers paid in UAE Dirham (AED)

by Aaron Strutt

Aug 18 2025

If you're earning in UAE Dirhams (AED) and looking for a mortgage in the UK, here's a clear breakdown of your options:

Santander for Intermediaries has just changed its policy and will now accept applications where any element of employed income is paid in any of the following foreign currencies:

• US Dollar (USD)
• Euro (EUR)
• Swiss Franc (CHF)
• UAE Dirhams (AED)

The sterling equivalent must be calculated and discounted by 25% to allow for currency fluctuations. 

Which UK Lenders Accept AED (Foreign Currency) Income?

• There are a fair few mortgage lenders accepting mortgage applications from borrowers paid in a foreign currency. Halifax for Intermediaries, HSBC, NatWest, to name a few. 

• Some of the smaller building societies also offer foreign income mortgages, like Market Harborough and the Marsden. 

How Common Is Foreign-Income Acceptance?

• It’s possible, but not as straightforward as GBP income. Many mainstream (high-street) lenders are more hesitant.

• Lenders often apply a haircut, typically reducing the assessed foreign income by around 20% to buffer against currency fluctuations.

• Several key points:

  • Employment status matters—employed applicants tend to have more lender options than those who are self-employed. 

  • Some lenders will require a larger deposit—often 10–25%, depending on the case. 

  • There is limited competition in this niche—products are fewer, often pricier and tougher to qualify for. 

Is the Market Competitive?

• The foreign-income mortgage market is still quite specialist and narrowly competitive. Most mainstream banks don’t offer such products readily, and those that do often impose stricter terms or higher interest rates.

• It really depends on the currency you are paid in and the size of the mortgage. If you are paid in Euros or Dollars, then there are a lot of options. Additionally, numerous private banks offer favourable terms for borrowing over £1 million.

Summary Table

Next Steps for You

1. Prepare documentation:

   • Payslips, contracts, 2–3 months of bank statements, proof of deposit.

   • Be ready to accept a haircut (this is a reduction in your income to cover currency fluctuations) on income and potentially provide a larger deposit.

2. Set expectations:

   • Loan-to-Value (LTV) may be lower (≤ 75%), interest rates slightly higher, and eligibility criteria stricter.

   • Getting multiple quotes through brokers is key to finding the most competitive product.

Overall, while getting a UK mortgage on AED income isn't the easiest path, it is absolutely achievable—especially with the right specialist help. The market is specialist-driven rather than crowded, but that also means there's an opportunity for well-prepared applicants.

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