£525k Mortgage for Professional YouTuber Paid in Swiss Francs to Buy New Home in Wales

Getting a mortgage with self-employed income can be a challenge.

Banks typically view self-employed income as less reliable than employed, contracted earnings - your income is more vulnerable to market changes and performance drops, so you could be more likely to default on your mortgage payments.

Throw in the added complications of earning money as a YouTuber – a relatively new profession that banks aren’t too familiar with – and being paid in a foreign currency like Swiss Francs. It could feel like the odds are stacked against you.

This is why our client came to us for help...

The Scenario

Our client was a British ex-pat earning considerable income from his YouTube channel, looking to purchase a home and move back to the UK to be closer to family.

He lived in Switzerland, meaning his YouTube income was paid in Swiss Francs.

Because of this, he had trouble finding a lender accepting his application. Most UK banks and mortgage providers don’t accept it as a currency and there are only a few options to choose from.

Moreover, although he had two years of tax returns, his profession was unusual in a young industry that banks don’t have a history of dealing with.

He was also a first-time buyer and wasn’t sure if he had a good UK credit score, having lived abroad for several years.

The Solution

Our broker immediately knew the two lenders in the market who’d accept Swiss Francs on a residential mortgage application - and one was a high street lender.

If you can push a complex mortgage application through with a high street bank, you can save a fortune on interest rates compared to going with a private bank or specialist lender. So we were delighted to be able to do so for this case.

Our adviser liaised with the clients’ solicitors and accountant and the underwriters at the bank to smooth over any issues they had with his self-employed income, and the mortgage terms were offered:

• 75% Loan to Value (LTV) mortgage
• With the lowest interest rates and set-up fees going

The lender could also accept an overseas credit report for his application. It’s rare for lenders to do this, but was crucial to getting the mortgage accepted in this case.