UK Residential Mortgage Secured for a Day-Rate Contractor Paid in Euros with a Gifted Deposit from India

A couple based in the Southeast recently approached us for help securing a residential mortgage. With a move planned to be closer to their child’s new school, they were working against the clock to complete before the new term started. Their situation involved some complexities, but with the right lender and a proactive approach, we got it over the line in time.

Client Profile

• Ages: 41 and 37
• Employment: Applicant one is a contractor paid in Euros at a day rate of €600
• Property: Residential house purchase in the Southeast
• Property value: £605,000
• Loan amount: £514,250
• Deposit: Savings and Gifted funds from family based in India
• Objective: Secure a mortgage and move in before the school year began. The clients had identified a property near their child’s future school, so timing was important

Key Challenges

• The main applicant was a contractor paid in a foreign currency (EUR), which many lenders won’t assess.
• As is common with limited company contractors, they took minimal salary and dividends, meaning income couldn’t be assessed in the usual way.
• The deposit was gifted from overseas family, which required a lender comfortable with international gifts and associated checks.
• The timeline was tight, with school term dates fast approaching.

Our Approach

• We started by reviewing the whole market, focusing on mainstream lenders with competitive residential rates who also understood contractor income structures.
• We identified a high street lender who assess income using a day rate calculation, rather than just salary and dividends or net profits, and was open to foreign currency earnings and deposit.

The Outcome

• The high street lender approved the mortgage with no issues relating to the Euro income or deposit origin.
• The offer was issued promptly, and we worked closely with all parties to complete the purchase quickly.
• The family were able to move in ahead of the new school term, just as they’d hoped.

Compliance Notice

A mortgage is secured against your home. You could lose your home if you do not keep up repayments on your mortgage.

Need Help with a Contractor Mortgage?

If you’re a contractor, especially one paid in a foreign currency, or have a non-standard income, don’t assume you’ll be turned away. Many lenders offer flexible solutions, and we’ll help you find the right one. Let’s have a chat with our specialist mortgage advisors.

• Call us: 0203 0111 986
• WhatsApp: 07822 013240

Important FCA Warning

As a mortgage is secured against your home, it may be repossessed if you do not keep up the mortgage repayments.