Getting a mortgage when your income falls outside a simple PAYE salary can be challenging. Many high street lenders rely on rigid affordability systems that work well for straightforward monthly earnings but struggle to interpret anything more nuanced. As a result, clients with variable pay, multiple income sources or international earnings often face unnecessary delays, reduced loan amounts or outright rejections.

This experience is increasingly common in 2025 as more people earn income through mixed employment structures, self-employment, company dividends, performance-based pay, or foreign contracts. These income models can be substantial, reliable and financially secure, yet mainstream underwriting often fails to capture their true strength.

The good news is that complex income does not prevent you from securing a mortgage. The key is using lenders that understand how to assess your financial profile accurately—and ensuring that your case is presented in a way that aligns with underwriting requirements. That is where specialist brokers play a crucial role.

At Willow Private Finance, we work with high street banks, specialist lenders and private banks that take a more informed approach to income assessment. We help clients with complex income structures obtain mortgages that may not be available through conventional routes. This article explains how complex income is viewed by lenders, why some lenders struggle, and how to position yourself for success.

What Lenders Mean by “Complex Income”

Lenders describe income as “complex” when it does not fall neatly into a single, predictable monthly salary. This does not mean the income is weak or unreliable. In many cases, it is significantly stronger than traditional PAYE earnings. Complex income simply sits outside the standard criteria used by many mainstream banks.

Common forms include self-employed income, director remuneration and dividends, bonus-based earnings, commission structures, retained company profits, foreign currency income, rental or investment income, trust distributions and income from multiple part-time or portfolio roles. Each source may be entirely legitimate, but lenders need to see consistency and evidence across several periods to model affordability.

One of the challenges is that different lenders treat these income types differently. Some will assess retained profits, others will only consider drawings. Some will use three-year averages, while others will rely on the most recent year. Some can take foreign currency income into account, while others will reject it outright. Navigating this landscape without guidance often leads to frustration for borrowers.

In 2025, lenders are becoming more sophisticated, but the differences in approach remain significant. Applicants need carefully structured submissions that clearly explain the nature of their income, demonstrate sustainability and present all supporting documentation in a way that aligns with underwriting expectations.

Why High Street Lenders Often Struggle

Mainstream lenders tend to operate using automated affordability engines designed primarily for predictable PAYE salaries. These systems do not cope well with variable earnings, non-traditional structures or multi-source income. As a result, high street banks frequently take a conservative stance and discount income that does not meet strict parameters.

For example, many high street lenders require two or three full years of accounts for self-employed applicants. Others will average bonus income over several years, even when the most recent year is significantly higher. Some disregard income entirely if it comes from non-UK jurisdictions or is paid in foreign currency. Others will decline an application if the applicant has changed trading structure or company role within the previous twelve months.

This results in many strong applicants being rejected despite having substantial financial strength. High-earning directors, senior professionals with bonus-driven compensation, business owners, contractors or international employees often fall outside the models used by mainstream banks.

The issue is rarely affordability itself. Rather, the problem is that the lender’s system cannot easily interpret the income. This is why specialist lenders and private banks are often more suitable—they rely on human underwriting and are willing to evaluate cases on their individual merits.

How Specialist Brokers Approach Complex Income

Willow Private Finance specialises in clients whose financial profiles sit outside standard models. We approach complex income cases by taking a holistic view of your circumstances rather than focusing solely on headline figures.

The first part of our process is understanding every source of income. This may include a combination of self-employed earnings, bonuses, dividends, commissions, foreign currency income, rental income or profit distributions. We examine patterns and trends, year-on-year consistency, sector stability and supporting documentation such as contracts, business performance data or tax returns.

Once we have a complete picture, we identify the most suitable lenders. Not every lender can assess complex income properly. Some are specifically designed for self-employed applicants. Others specialise in international clients. Private banks may offer bespoke assessments for high-value applicants with sophisticated compensation structures. Our knowledge of lender criteria allows us to match your financial profile to institutions that will understand it and lend accordingly.

Finally, we package the application in a way lenders prefer. This includes clearly presented income summaries, explanatory notes for variable pay, cross-currency analysis for foreign income, and detailed supporting evidence. A well-prepared application is one of the most critical factors in securing approval.

Self-Employed Borrowers: What Lenders Look For in 2025

Self-employed applicants include sole traders, company directors, partners, freelancers and contractors. Lenders assess these applicants by examining trading history, stability and income patterns.

Most lenders request two or three years of accounts or tax calculations. However, specialist lenders may consider one year of trading history if there is strong supporting evidence or a clear link between previous employment and current business activity. For limited company directors, retained profits can often be included, not just the amount drawn as salary and dividends. This becomes especially beneficial for directors maintaining low personal drawings for tax efficiency.

Some lenders will also take a forward-looking view by incorporating accountant references, management accounts or projected income. This flexibility makes a significant difference for clients whose income has risen sharply or who operate in sectors with predictable year-end performance cycles.

Many self-employed borrowers first approach Willow after being told by mainstream lenders that they do not fit criteria or do not have enough history, despite strong underlying financials. With the right lender and correct packaging, these cases are often approved swiftly.

Variable Income, Bonuses and Commission-Based Pay

Senior professionals in banking, law, technology, consulting, sales and other high-performance industries often rely on variable pay. This may include annual bonuses, quarterly commissions, overtime, performance-related pay or stock-based awards such as RSUs.

High street lenders tend to be cautious with variable income. They may limit the proportion they use for affordability or rely on a long-term average, which can reduce borrowing capacity dramatically. Specialist lenders, however, may use the most recent year’s bonus if it is clearly justified and consistent with the applicant’s role and performance history.

The key to success is demonstrating reliability. This may include bonus histories, employer letters, tax returns, company performance data and contract details. When packaged properly, variable income can support strong borrowing outcomes, and lenders familiar with these structures are often prepared to take a more holistic view.

Foreign Currency and Overseas Earnings

International income adds another layer of complexity, but it is far from a barrier. Many of Willow’s clients earn in AED, USD, EUR, SGD, HKD or CHF and maintain their income abroad while investing in UK property. The challenge lies in demonstrating stability, addressing FX risk and providing sufficient documentation for AML and affordability assessments.

Private banks and international lending specialists are more comfortable with cross-border income structures. They typically analyse currency exposure, contract terms, tax residency and employer profiles. The application may require salary evidence in both local currency and GBP equivalent figures, supported by bank statements and contract details. When presented correctly, this income can be assessed with minimal friction.

We also find that clients earning in foreign currency benefit from lenders who use favourable FX stress-tests or long-term averages rather than conservative short-term conversion rates.

Why the Right Presentation of Your Case Matters

A strong income profile can still be declined if it is not presented effectively. Underwriters need clarity, consistency and context. A specialist broker plays a critical role in ensuring that every component of an application is laid out clearly, including explanations for variable patterns, recent structural changes or currency considerations.

For example, if a company director has shifted from PAYE to dividend-based remuneration, this needs careful explanation. If income dipped during COVID or due to market cycles, underwriters need narrative and evidence. If foreign income is involved, lenders require documentation that satisfies AML requirements and ensures affordability is modelled correctly.

In many cases, the difference between an approval and a decline is not the income itself, but the way it has been packaged and communicated.

Why Complex Income Clients Work with Willow Private Finance

Willow Private Finance is known for securing mortgages that mainstream lenders decline. We specialise in clients whose income profiles are unconventional but strong. Our lender network covers high street banks, specialist institutions and private lenders who take a more intelligent approach to underwriting. We present cases in the format lenders prefer, anticipate underwriter questions, source the right evidence early, and position clients to secure favourable terms.

Our clients include senior professionals, entrepreneurs, investors, international executives and individuals with multi-layered income structures. Whether you need to maximise borrowing capacity, refinance at scale or secure finance for a complex purchase, our expertise provides a significant advantage.

Frequently Asked Questions

Q1: Can I get a mortgage with only one year of self-employed accounts?
Some specialist lenders may accept one year of accounts if you can demonstrate continuity of work, strong trading performance and sector experience.

Q2: Will bonuses be included in mortgage affordability?
Yes, provided they are regular and provable. The proportion used varies by lender, but many specialist lenders will consider 100% of consistent bonus income.

Q3: Can foreign currency income be used for a UK mortgage?
Yes. Several lenders accept overseas income, although documentation must be clear and lenders will apply currency stress-testing.

Q4: Can I combine different income types, such as dividends and rental income?
Yes, as long as the income sources are well documented and sustainable. Lenders may use different calculations depending on the type of income.

Q5: Will retained profits in my company be considered as income?
Some lenders will consider retained profits for limited company directors, especially when the business has a strong trading record.



Q6: Can complex income affect the speed of a mortgage approval?
Yes, especially if documentation is missing or unclear. A well-packaged case typically secures a faster approval.

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