Simply Biz Mortgages Limited.
Registered in England and Wales under company number 04829609, Registered Office. Fintel House, St Andrew's Road, Huddersfield HD1 6NA.
As a result of your feedback, from 12 August we’ll be introducing non-sterling income into acceptable income types.
We will accept the following five non-sterling currencies: US Dollar, Euro, Australian Dollar, Indian Rupee and Swiss Franc.
For purchase and remortgage applications the income types we’ll accept in non-sterling are employed basic salary, bonus, overtime and commission.
We’ll convert the income amount to GBP and apply a haircut of 20% (10% for bonus income) to cover any potential currency fluctuations.
You should key a Decision in Principle (DIP) to check the maximum loan available for an application with non-sterling income.
On our income screens you’ll see a new currency dropdown field and should key in the amount in the originating non-sterling currency, not the equivalent GBP amount.
For income verification if payslips show the amount in the originating currency that is sufficient, but if they only show the converted GBP figure you should upload a compensation letter/remuneration statement in addition to the payslip(s).
Non-sterling income can be keyed on applications from 12 August.
Please note the amount of any ‘haircuts’ are subject to change.
Our website affordability calculator will not accept non-sterling income at the point of launch. As a guide to the GBP equivalent amount non-sterling currencies should be converted using an appropriate currency conversion tool. Please go straight to Decision in Principle (DIP) for an accurate maximum loan available.
Further detail can be found in a new ‘Non-Sterling income’ section which will be available on our website Criteria pages from 12 August.
Simply Biz Mortgages Limited.
Registered in England and Wales under company number 04829609, Registered Office. Fintel House, St Andrew's Road, Huddersfield HD1 6NA.