This includes the following application types:
- Purchases (including second property types)
- 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.
- 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.