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 options. Additionally, numerous private banks offer favourable terms for borrowing over £1 million.

• Darlington for Intermediaries has just re-entered the foreign income market. The building society accepts 16 major currencies, including the euro, US dollars, South African rand, UAE dirham, Saudi riyal and Japanese yen.

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