Changes to our foreign currency income criteria

From Wednesday 8 April income paid in a foreign currency will no longer be accepted for new lending

This includes the following application types:

  • Purchases (including second property types)
  • Remortgages
  • Further advances
  • Porting with additional borrowing

Where a client is looking to complete a combination of transactions, such as a term change and additional borrowing, then foreign currency income can’t be used.

Applications without new lending

  • For existing Nationwide customers moving home, where no new lending is required, foreign currency income may still be considered on appeal. This includes clients porting without additional borrowing.
  • Existing Nationwide customers looking to change their term or repayment type can still use foreign currency income.
  • Where there’s no affordability assessment, such as switching rates at deal end, there’s no impact by this change.

Pipeline cases

  • For any application that has a DIP before 8 April, and includes foreign income, the application can continue with the foreign income that was included
  • Applications that have a DIP before 8 April, and didn't include foreign income, can’t subsequently have foreign income added and must continue in line with the new criteria
  • Applications that have a DIP on or after 8 April 2015 must continue in line with the new criteria

As per our current policy, income from clients who are self-employed outside of the UK isn’t acceptable.

Visit our income criteria page for full details of sources of acceptable income