Darlington Building Society has relaunched its foreign currency mortgage proposition to support borrowers with incomes paid in foreign currencies.
The foreign currency range includes two- and five-year fixed rates and goes up to 80% loan to value (LTV).
It covers 16 foreign currencies, including the euro, South African rand, UAE dirham, Saudi riyal, Hong Kong dollar, Japanese yen, US dollar and Canadian dollar.
The conversions are calculated to sterling using the interbank exchange rates through Xe.com and all currencies are given a 20% “haircut” to account for currency fluctuations.
Chris Blewitt (pictured), head of intermediaries at Darlington Building Society, said: “We are always looking for ways to make our products more accessible and easier to understand for our diverse membership base. Having offered these products previously, the intermediary and underwriting teams are very excited to be back in the foreign currency mortgage market – and our proposition is now even better and more competitive than ever before.
“We have vast experience in this area and understand not only the currency element, but the often unique circumstances relating to expats and their circumstances while working and residing abroad. The currency upgrade gives our broker partners a fantastic tech solution coupled with great criteria, allowing them to better support an often under-served borrower cohort, whether they are based in County Durham or halfway across the world.”
Five things you need to know about BM’s limited company proposition
Sponsored by BM Solutions
Darlington Building Society recently upgraded its mortgage origination platform using Finova’s mortgage services origination technology.
This means mortgage submissions involving foreign income can be accepted, whether the applicant is an expat or a UK resident earning in a foreign currency.
Marcus Bennett, client success director at Finova, said: “We’re pleased to continue our long-standing partnership with Darlington Building Society, now extended until 2030. The enhanced functionality offered within Finova Lending’s MSO platform will unlock benefits for Darlington intermediaries, brokers, and the wider Finova Lending MSO community.
“By now supporting foreign currency mortgages, together with ongoing enhancements to support more efficient mortgage origination, these improvements will help brokers provide a smooth experience to their clients. We’re excited to continue working closely with Darlington to support their ongoing digital transformation.”
