Did you know we accept foreign currency towards affordability?
At Harpenden Building Society we’re probably best known to brokers as a specialist lender. As such we offer some interesting features to borrowers not necessarily found in the high street. Did you know we accept foreign income towards the affordability of the mortgage? Many lenders don’t.
If you’d like to find out how a foreign currency option can potentially build broker business, read on!
Diversifying your customer base
Harpenden’s ability to accept foreign currency towards affordability allows brokers to develop a more diverse customer base. A UK-based borrower who receives income from abroad would be a typical example of this type of customer. Diversification in this way can reduce a borrower’s reliance on a single currency or local market conditions, making broker businesses more resilient.
Brokers who can facilitate business when foreign income is considered with regards to affordability can gain a competitive advantage over those brokers who don’t. Offering this option can differentiate you in the market and attract borrowers who prefer this additional flexibility.
Securing business with lenders that accept foreign currency towards affordability can also be part of a risk management strategy for brokers. It guards against currency fluctuations by potentially benefiting from favourable exchange rates. A slump in the UK economy could impact less on new business if customer income is coming fully or in part from a more buoyant overseas economy.
Brokers who can accept foreign currency towards affordability can develop broader expertise and therefore wider opportunities.
And so the list goes on. Utilising foreign currency can open additional financing opportunities for brokers. It’s certainly an option worth considering.
Choosing the right lender
Not every lender accepts foreign income towards affordability, we do. It’s a great way to build new business. In addition to this and other exclusive benefits included in Harpenden’s products, our pragmatic and sensible approach to lending ensures mortgage applications are individually assessed using common-sense manual underwriting. We want to say ‘yes’!
We deal exclusively with intermediaries and have expertise and experience in dealing with complex mortgage applications.
We also pride ourselves on being flexible and accommodating and will lend to people in different types of income whether they are employed, self-employed or retired.