London’s financial and professional elite continue to fuel demand in the prime property market — yet few groups face as much complexity when it comes to mortgage underwriting as senior City professionals.
Whether it’s a hedge fund manager paid largely in performance fees, a private equity partner receiving carried interest, or a tech founder compensated through stock options, these income structures rarely fit the standard affordability frameworks used by mainstream lenders.
In 2025, this complexity has only deepened. With volatile markets, evolving tax rules, and changing bonus cycles, traditional banks often fail to interpret non-standard income correctly — leading to reduced borrowing capacity or outright declines for exceptionally wealthy clients.
Private banks and specialist lenders, however, have taken a more nuanced approach. They focus on global wealth, liquidity, and long-term earning potential rather than simple payslips. This shift has created new opportunities for high-net-worth (HNW) professionals to access large-scale finance, particularly in London’s super-prime property sector.
At Willow Private Finance, we specialise in structuring complex-income cases for partners, executives, and entrepreneurs who operate at the top of their fields. Our role is to translate sophisticated income into a form lenders understand — unlocking borrowing potential that truly reflects a client’s financial position.
For further reading, see High Net Worth Mortgages in 2025: What Lenders Look for Beyond Income and How Mortgage Underwriting Has Changed in 2025.
The professional services sector — from hedge funds and investment banks to law firms and tech ventures — continues to underpin London’s economic power. But the income profiles of these individuals are rarely straightforward.
The 2025 landscape is defined by heightened scrutiny from mainstream lenders and tightening of bonus recognition rules. Many high earners now receive deferred compensation or profit shares that fall outside the scope of standard PAYE assessments.
Meanwhile, the UK property market remains competitive at the upper end, particularly across Mayfair, Chelsea, and Canary Wharf, where demand from finance and tech executives remains strong. Yet even these buyers face challenges proving affordability under conventional lending models.
Private banks have responded with tailored lending frameworks that account for the volatility of high-earning professions — using averaged income models, asset-backed support, and liquidity verification rather than rigid salary multiples.
The result is a market increasingly split between lenders who can interpret complex income and those who cannot.
Traditional lenders base affordability on basic salary and guaranteed bonuses. Anything outside that — whether dividends, carried interest, or stock options — is typically discounted or excluded.
Private banks, however, take a broader and more sophisticated view. They recognise that income for City professionals is often cyclical, performance-based, and globally diversified.
For example, a hedge fund principal might earn a modest base salary but receive a multimillion-pound distribution tied to fund performance. A partner at a private equity firm might have a carried interest position payable on exit. A tech founder could hold illiquid shares in a company preparing for IPO.
These profiles require bespoke underwriting. Lenders assess the entire financial ecosystem: income history, investment assets, deferred compensation, and liquidity reserves. They also look at the credibility of the underlying business or fund.
In practice, mortgages for such clients often involve:
This approach allows private banks to deliver borrowing capacity far beyond what retail lenders can achieve — often up to 5.5–6.5x annual earnings, depending on overall wealth.
Private banks now apply a relationship-based underwriting model. Rather than asking “how much do you earn,” they ask “how is your wealth structured, and how predictable is it?”
The first priority is stability. Even if income is performance-linked, lenders want evidence of consistency — whether through historical distributions, audited fund results, or verified company performance. Borrowers who can demonstrate multi-year averages are viewed favourably.
Second is liquidity. Private banks need reassurance that borrowers can meet obligations even if performance dips. Readily accessible assets — such as investment portfolios or cash reserves — strengthen applications.
Third is transparency. Detailed documentation is essential. Lenders expect visibility on carried interest schedules, vesting timelines, share option valuations, and partnership agreements.
Finally, borrower profile matters. Those with clean credit histories, established professional reputations, and long-term banking relationships are seen as lower risk, even if income is unconventional.
Willow Private Finance curates these elements into lender-ready submissions — ensuring complexity becomes a source of strength rather than confusion.
For even the most affluent City professionals, the biggest obstacle remains lender misunderstanding. Retail banks are designed for salaried employees, not those earning through complex equity structures or partnership profit shares.
As a result, applicants frequently face underestimation of borrowing potential. A partner earning £600,000 in carried interest may be treated as though they earn half that when the lender disregards variable components.
Timing can also be problematic. Bonus cycles rarely align with property completion dates, leaving liquidity gaps that can delay or jeopardise transactions. Bridging facilities or portfolio-backed loans can mitigate this, but must be carefully structured to avoid unnecessary cost or leverage.
Cross-border income introduces additional layers. Foreign currency earnings may be discounted by as much as 20% unless properly evidenced and hedged. Deferred or illiquid compensation (such as vested equity) may only be recognised by lenders familiar with those instruments.
Navigating these nuances requires precise packaging — and relationships with lenders who specialise in high-income complexity.
Successful borrowers in 2025 treat their mortgage as part of their wider wealth strategy. The key is to plan early, document comprehensively, and leverage specialist advice.
By integrating these principles, borrowers can transform complex income into a foundation for leverage — not a barrier to it.
For further insights on lending sophistication, see Private Bank Mortgages Explained: Benefits and Drawbacks.
Private banking is moving steadily toward holistic wealth-based lending. The future lies in integration — where mortgages, investments, and liquidity facilities operate as part of a unified client relationship.
As regulation evolves, expect greater flexibility in how deferred income and equity participation are treated in underwriting. Many lenders are already piloting ESG-linked or performance-adjusted facilities, where loan pricing reflects professional or investment sector stability.
For high-achieving professionals, 2025 is an environment rich with opportunity — provided lending is approached with strategy, foresight, and precision.
At Willow Private Finance, we specialise in helping complex-income clients secure bespoke property finance. From hedge fund partners to fintech founders, we understand how to present layered earnings, deferred bonuses, and global income to private banks in the right format.
Our team works directly with relationship managers across major UK and international private banks, ensuring clients benefit from both competitive pricing and flexible structures. Whether it’s leveraging carried interest for a Mayfair penthouse or funding a family home with mixed domestic and offshore income, Willow provides the expertise and access that transform complexity into opportunity.
Q1: Can carried interest or performance fees be used for mortgage affordability?
A: Yes. Many private banks recognise carried interest and fund distributions when supported by partnership agreements and historical data.
Q2: How do private banks assess equity-based income?
A: They value vested shares or options based on current market or discounted valuations, considering liquidity and volatility.
Q3: Can I get a mortgage if most of my income is offshore?
A: Yes, provided it’s well-documented and from a reputable jurisdiction. Some lenders offer multi-currency mortgages to mitigate FX risk.
Q4: Are bonuses or deferred compensation accepted by lenders?
A: Private banks often include deferred bonuses if contractual proof exists. Retail lenders typically exclude them.
Q5: How much can City professionals borrow in 2025?
A: Depending on income stability and wealth profile, private banks may lend up to 6.5x annual earnings — sometimes higher with strong liquidity support.
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About the Author
Wesley Ranger is the Director of Willow Private Finance and has over 20 years of experience in high-value mortgage structuring. He specialises in advising City professionals, partners, and executives with complex income — helping them secure tailored finance through private banks and international lenders.
ο»ΏImportant Notice
This article is for general information purposes only and does not constitute personal financial advice. Mortgage product availability, eligibility, and rates depend on your individual circumstances and may change at any time.
Always seek tailored advice before committing to any financial arrangement.
Willow Private Finance Ltd is authorised and regulated by the Financial Conduct Authority (FCA No. 588422). Registered in England and Wales.
