The Challenge of Cross-Border Earnings

For the majority of UK homeowners, income is straightforward: a salary, perhaps supplemented by bonuses, all paid in sterling and easily verifiable through payslips and P60s. For athletes and entertainers, however, the picture is vastly different. Many of them live and work in multiple jurisdictions, earning fees, royalties, or salaries in different currencies, often through company structures or personal service arrangements.

Imagine the case of a Premier League footballer contracted to a Spanish club, receiving wages in euros, while also being paid appearance fees in dollars for tournaments abroad. Or consider an actor who spends part of the year in Los Angeles, where they are paid in U.S. dollars, but who also receives residual payments in yen from a streaming deal in Japan, alongside UK royalties for past productions. These income sources are very real, very valuable—and deeply confusing to a traditional mortgage underwriter.

The complexity lies not only in the currencies themselves but also in how they are declared, taxed, and evidenced. Lenders want certainty, and when income is volatile or spread across borders, they often see risk instead of opportunity.

Why Currency Matters to Lenders

One of the biggest concerns lenders have with foreign income is volatility. Exchange rates move daily, and in some cases dramatically. What may look like a sustainable income in dollars may shrink significantly when converted into pounds during a weaker currency cycle. To protect themselves, many mainstream lenders apply what is called a “haircut”—discounting foreign income by as much as 20 to 30 percent. This means that even if an athlete or entertainer can clearly demonstrate £1 million equivalent income, a bank may only be willing to underwrite on £700,000.

For clients with multi-million-pound earnings, this reduction can severely limit borrowing capacity. It is one of the most common frustrations athletes and entertainers face when trying to buy or refinance property in the UK.

The Role of Taxation and Transparency

Another stumbling block lies in taxation. Lenders are cautious about foreign income unless they can see that it has been properly declared either in the UK or in the jurisdiction in which it was earned. For entertainers and athletes, this often means producing multiple sets of tax returns, sometimes translated, and always accompanied by professional verification.

The use of offshore companies, trusts, or personal service companies further complicates matters. While these structures may be entirely legitimate and efficient from a tax perspective, they can cause hesitation for lenders who do not fully understand them. Private banks tend to be more accommodating here than high street lenders, but even they require clarity and credible documentation before approving large loans.

Sustainability of Income

Perhaps the greatest challenge for lenders is assessing sustainability. It is one thing to prove that a footballer earned €3 million last year; it is another to convince a bank that this income will continue at the same level for the next five years. Contracts, performance clauses, endorsements, and even age all play a role in how future income is judged.

Entertainers face similar issues. Residuals and royalties may look strong today, but are they declining year on year? Touring revenue can be impressive, but what happens when a performer takes time off or faces illness? These are the questions lenders ask, and unless an application is carefully presented, the outcome is often negative.

Why High Street Banks Struggle

High street lenders operate within rigid frameworks. They are designed to process the applications of the average salaried borrower quickly and efficiently, not to assess the multi-layered finances of global earners. As a result, they tend to take a narrow view.

In 2025, the majority of high street banks will only accept income in sterling, euros, or U.S. dollars, and they still apply significant discounts to anything that is not paid directly into a UK account. Many also refuse to recognise income that is irregular or contractual in nature, dismissing royalties, sponsorships, and appearance fees as too unpredictable.

The outcome is predictable: athletes and entertainers with very high real incomes are often offered surprisingly low borrowing limits—or are declined altogether.

The Private Bank Alternative

Private banks approach the problem differently. They recognise that high-net-worth clients may not fit standard income models, and instead they look at the bigger picture.

A private bank will often assess overall net worth, not just annual income. They will consider assets under management, investment portfolios, property holdings, and long-term contracts. Where foreign income is involved, they are prepared to review tax filings from multiple jurisdictions, average currency conversions across 6 to 12 months, and letters from accountants or agents confirming future revenue streams.

For many clients, private banks also provide an elegant solution: securities-backed lending. Instead of relying solely on income, borrowers can leverage investment portfolios or cash deposits to secure property finance. This removes exchange rate risk altogether, allowing athletes and entertainers to borrow against assets rather than fluctuating international pay.

Timing and Strategy

One of the most overlooked elements of securing property finance with foreign income is timing. Just as athletes benefit from applying for loans around contract renewals, entertainers and global earners achieve better results when they can present accounts from a strong income year.

At Willow Private Finance, we often advise clients to align their applications with peak periods—such as post-tour for musicians, or immediately after a contract signing for athletes. By timing applications to coincide with high documented income, borrowing capacity can be significantly enhanced.

Case Example

Consider an international tennis player who earns in multiple currencies: prize money in U.S. dollars, sponsorship deals in sterling, and appearance fees in euros. On paper, their combined earnings are £4 million annually. A high street lender, however, may only accept the sterling income, discount the euros, and ignore the appearance fees, leaving the borrower with an assessed income of less than £1.5 million.

By contrast, a private bank would take a consolidated view. They might average exchange rates across 12 months, accept accountant-prepared documents for sponsorships, and include prize money as long as it was declared on tax returns. The result? Access to borrowing that truly reflects the client’s financial reality—often at a higher loan-to-value than the high street would allow.



How Willow Private Finance Supports International Clients

At Willow, we specialise in translating complexity into clarity. Our role is to bridge the gap between the unique income structures of athletes and entertainers and the risk models of lenders. For clients with foreign currency or multi-jurisdictional income, that means working closely with accountants, agents, and family offices to prepare comprehensive documentation.

We ensure that multi-currency income is presented in lender-friendly sterling equivalents, supported by robust evidence of sustainability and tax compliance. Where high street lenders fall short, we introduce clients to private banks and specialist lenders who already understand the world of international performers and athletes.

Above all, our aim is to give clients confidence that their global success can be translated into secure, sustainable property ownership in the UK.

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