Suffolk Building Society will now accept multi-currency applications for residential, buy-to-let and holiday let cases.

The Society will accept any currency as an income type for buy-to-let and holiday let cases (except from some high-risk countries). For residential or regulated buy-to-let applications, applicants must be paid in any of 16 major currencies.

Foreign currency incomes will be converted into Sterling and the Society will apply a 20% haircut, to allow for changes in the exchange rate, before applying its standard affordability calculations.

This move supports customers with multiple sources of incomes, in different currencies. The Society is also keen to highlight that multi-currency is not just for current expats.

Charlotte Grimshaw, head of intermediary relations and mortgage sales at Suffolk Building Society said: “We’re so pleased to offer this mix-and-match flexibility on currencies, as we know that many brokers have clients with this need.

“We know that income is not just earned in the currency of an applicant’s current location: pensions, rental income, investments, and other income-generating assets could all come from sources outside of their current country of residence. With this update, we are ensuring our lending keeps pace with the different ways people are living and earning.”