How to Use Foreign Currency Income – Like CHF or USD – for UK Mortgage Affordability
Earning in a foreign currency while living or buying property in the UK can feel like you’re stuck in a grey area, especially when it comes to mortgage affordability. But if you’re paid in Swiss francs or US dollars, you may have more options than you think.
In this post, we’ll explain how foreign income is treated by lenders, the specific challenges and solutions for those paid in CHF or USD, and how to make yourself mortgage ready with non-sterling income.
Why Currency Matters to Lenders
UK mortgage lenders are cautious about foreign income. That’s not because foreign earners are risky borrowers, it’s because currency fluctuations can affect affordability. If the pound strengthens against your salary currency, your income in GBP terms decreases.
To manage this risk, lenders tend to apply stricter rules when it comes to non-GBP income.
Are Swiss Francs and US Dollars Treated Differently?
Yes. The good news is that both CHF and USD are on the list of acceptable currencies for a number of UK mortgage lenders. This means:
Your income can be used to calculate affordability
You won’t necessarily need to convert it to GBP before applying
Lenders may use a standard exchange rate or an average over a period of time to assess income
But lenders do not all treat foreign currency income the same way. Some will take 100 percent of your CHF or USD income into account. Others may apply a haircut, using only 80 percent or even 60 percent of the income figure when calculating what you can borrow.
Common Lender Requirements
If you're paid in USD or CHF, expect to provide:
Payslips or employment contracts showing your income clearly in the foreign currency
Bank statements where your income is paid, preferably in your name
Proof of tax paid if you're overseas or using an international structure
Evidence of consistency, ideally showing 6 to 12 months of regular income
Some lenders may also require that you work for a multinational company or a UK based employer, even if you’re paid in a foreign currency.
Maximising Affordability
Here are a few ways to improve your chances of mortgage approval:
Work with a lender that accepts your currency
Not all banks accept all foreign currencies. Focus on lenders that are comfortable with CHF or USD income, as they are more likely to offer competitive terms.
Avoid unnecessary currency conversion
If your income is already being received in a stable currency like CHF or USD, you often do not need to convert it to GBP in advance. In fact, doing so could trigger FX fees and distort affordability calculations.
Get prequalified before you house hunt
Mortgage agreements in principle (AIPs) are especially valuable when you’re working with foreign income. They help you understand how much you can borrow and which lenders are open to your situation.
Seek advice from a mortgage adviser who understands expat and foreign currency income
Many high street banks have limited experience with cross border income structures.
At Versed, we specialise in helping professionals with international income secure UK property.
What If You’re Paid Partly in GBP and Partly in USD or CHF?
Hybrid income can work in your favour. Some lenders will assess the GBP portion as normal, then apply a haircut to the foreign currency element. Others may combine the two more flexibly if you're able to show stability and consistency in both streams.
Final Thoughts
Earning in Swiss francs or US dollars should not stop you from buying in the UK. Yes, there are a few extra hoops to jump through, but with the right planning and the right advice, you can turn your international income into a powerful asset when applying for a mortgage.
At Versed Financial, we help professionals like you make sense of cross border finances and structure your income for mortgage success. Whether you're paid in Zurich or New York, we’re here to help you buy in London, the south downs, or anywhere else you call home.
Need help using your USD or CHF income for a UK mortgage?
Book a complementary strategy call.
Let’s make international income work for your goals.
‘Your home may be repossessed if you do not keep up repayments on your mortgage.’