High Net Worth Borrower Using Foreign Currency Income.
The Borrower.
- Senior employee at a leading European bank
- UK-based but paid in Euros
- Long-term employment history, with 12 years at the bank and 4 years in her current role
- Remuneration package included salary, location allowance, annual cash bonus and Restricted Stock Units (RSUs)
The Challenge.
- Purchasing a property in the South East
- Property value: £1.25m
- Loan required: £1m (80% LTV)
- Looking for a repayment mortgage over a 35-year term, taking her to age 75
- Required a lender able to consider both foreign currency income and deferred share-based remuneration
The Solution.
We assessed the applicant’s full remuneration package, including salary, bonuses and vested RSUs. The RSUs could be included because they formed a regular part of the applicant’s pay package and had begun vesting, meaning they could be sold and converted to cash if required. To account for potential exchange rate fluctuations, all Euro income was converted to Sterling and a 20% haircut applied.
- Basic salary: €195,000 → £134,971
- City weighting: €10,000 → £6,921
- Average cash bonus (2 years): €42,000 → £29,070
- Average vested RSU income: €50,000 → £34,608
- Total assessable income: £205,570
Outcome.
✅ £1m mortgage supported on a £1.25m purchase
✅ Foreign currency income accepted following conversion and currency adjustment
✅ Vested RSUs used to strengthen affordability
✅ 35-year repayment term achieved
✅ Client able to utilise their full remuneration package rather than salary alone