Multi-currency mortgage applications accepted by Suffolk BS

October 24, 2024 by Brendan O'Neill

Mortgage Advisors

Suffolk Building Society has confirmed that it will be accepting multi-currency mortgage applications from now on, with this set to apply to holiday let and buy-to-let applications.

What it means is that people applying for either of those types of mortgage from Suffolk BS will be able to do so using any legal currency. The only exception to that is if they are from a country that is deemed to be high risk. When it comes to residential mortgages, Suffolk BS will be classifying as many of 16 different currencies as an acceptable income source.

Its revised mortgage processes will see the various international currencies converted into sterling. The lender will also apply a reduction of 20% for exchange rate differences when calculating the affordability of a particular product.

Suffolk BS is stating it made the decision to implement this plan after listening to the opinions of mortgage advisors. It is something that any borrower using the lender can access, rather than just being available to British nationals living abroad.

Charlotte Grimshaw from Suffolk BS said to Mortgage Solutions that:

“We’re so pleased to offer this mix-and-match flexibility on currencies, as we know that many brokers have clients with this need.”

She added that the lender was aware that many people seeking a mortgage have income sources from other countries, for example investments, properties and pensions, so this move would keep it in touch with the modern world.

This is surely a change that anyone who has a CeMAP mortgage advisor qualification will be glad to see.