To mitigate potential fluctuations in exchange rates, Suffolk Building Society will convert all foreign currency incomes into Sterling and apply a 20% haircut before conducting its standard affordability calculations. This buffer ensures that borrowers can still meet repayment obligations even if exchange rates shift.
The expanded offering is designed to benefit a range of borrowers, including expats, high-net-worth individuals, and families with multi-currency income streams. The lender, however, stressed that this flexibility is not limited to expats, opening opportunities for any borrower with income sources from outside their current country of residence.
Suffolk Building Society recently began to accept joint borrower sole proprietor (JBSP) applications across its residential, buy-to-let, and holiday let mortgage products.
“We’re so pleased to offer this mix-and-match flexibility on currencies, as we know that many brokers have clients with this need,” said Charlotte Grimshaw (pictured), head of intermediary relations and mortgage sales at Suffolk Building Society.
