A mortgage with foreign-currency income
Income in CHF, USD, GBP, SGD or another foreign currency — and still a German mortgage. How banks calculate, which discounts are typical and which banks are active.
Can I get a German mortgage with income in a foreign currency (CHF, USD, GBP, SGD)?
Yes, a German mortgage is possible with income in CHF, USD, GBP, SGD or another foreign currency — but the bank calculates differently. Because the exchange rate can move, it does not count foreign-currency income in full but applies a safety discount; how large that discount is depends on the currency, its stability and the type of income. Stable, freely convertible currencies are accepted more readily than volatile ones. What matters is not only the amount of income but its verifiability and regularity — and whether a given institution accepts foreign-currency income in its affordability calculation at all. This is exactly where the choice of lender differs from pure euro income: not every bank underwrites such cases, and those that do require different documentation. Which ones they are belongs in a conversation, not on the page. Not legal or tax advice.
What foreign-currency income means for the bank
If you want to take out a mortgage in Germany but your income flows in a currency other than the euro — typically CHF (Switzerland), USD (USA), GBP (UK), SGD (Singapore), AUD, JPY — special rules apply.
Banks have to assess the foreign-exchange risk: what happens if the exchange rate moves against you? Can you still pay the instalment? That is why most banks apply a safety discount to the income converted into euros — typically 20–25 %.
Which currencies have which choice of banks
- CHF (Swiss francs): an established large group, around 15–25 % of all banks active. Safer than most third currencies because of the close DE–CH economic area.
- USD (US dollars): a smaller pool of banks, 5–10 % of all banks. FATCA matters where there is US tax liability.
- GBP (British pounds): better post-Brexit than in 2019, around 8–15 % of all banks. The conversion right no longer applies.
- SGD / HKD (Singapore, Hong Kong): few banks, around 3–5 %. Corporate employment preferred.
- AUD / CAD: similar to USD, a 5–8 % pool of banks.
- JPY (Japanese yen): very small, around 2–3 banks.
- CNY (Chinese yuan): very difficult — capital controls make proof of equity harder.
- EU currencies other than the euro (PLN, SEK, DKK, HUF): earners are usually resident there too — and then the §503 BGB conversion right applies, because it attaches to residence, not to the income currency. The pool of banks is correspondingly small.
What is typical with a foreign currency
- Income discount: 20–25 % on the euro-converted value — the bank calculates more conservatively
- Equity: typically 30–40 % + incidental costs, instead of 15–20 %
- Loan-to-value: usually max. 70 %, some banks up to 80 % with very strong credit
- Rate premium: some banks add +0.1–0.3 %, others none
- Notary & written form: English-German accompanying texts possible, a German notary is mandatory
- Proof of equity: bank statements from the past 12 months from the foreign bank are accepted
What I actually do
- Pre-enquiry: I check in advance which banks are active for your currency & situation
- Bank shortlist: 2–4 banks that realistically fit
- Document package: English-German preparation, all tax assessments and employer confirmations
- Application coordination: I communicate with the bank and review the contract
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