For globally mobile professionals, entrepreneurs, and high-net-worth individuals, income rarely comes in just one currency. Sterling may be their base, but bonuses might be paid in dollars, investments denominated in euros, or contracts signed in dirhams or Swiss francs. While this global earning power offers flexibility, it can create significant complications when applying for a UK mortgage.
In 2025, lenders are far more cautious about foreign income. Currency risk, anti-money laundering rules, and affordability stress testing mean that global earners often find their borrowing power constrained. Yet solutions do exist—from specialist lenders willing to assess multi-currency income to private banks that offer FX-hedged mortgage products. This article explores how global earners can access finance in 2025, the risks of borrowing in multiple currencies, and how Willow Private Finance structures cases for success.
The Currency Challenge
At first glance, foreign income should be an advantage. Earning in strong currencies such as the US dollar or Swiss franc ought to improve affordability. But lenders often take the opposite approach. They apply “haircuts” to non-sterling income, reducing its value in affordability calculations to guard against currency fluctuations.
For example, a London banker earning a €250,000 bonus may find only 70–80% of that income counted by some lenders. Others exclude foreign income entirely, forcing borrowers to rely solely on their UK salary. This conservatism protects lenders but frustrates borrowers who know their true earning capacity is higher.
FX Volatility in 2025
The challenge has grown sharper in 2025. Post-pandemic monetary policy shifts, divergent interest rate strategies between central banks, and geopolitical uncertainty have made FX markets more volatile. Sterling-dollar swings of 10% in a few months are no longer rare.
For lenders, this volatility represents real risk: a borrower may be able to service their loan easily when the pound is weak against the dollar but struggle if the pound strengthens. That’s why many lenders apply buffer rates or require FX hedging strategies before approving multi-currency mortgages.
FX-Hedged Mortgage Products
Private banks and a select group of specialist lenders now offer
FX-hedged mortgages. These allow borrowers to denominate the loan in one currency while repaying from another, with a hedge in place to stabilise exchange rates.
For example, a borrower with euro income purchasing a UK property might secure a sterling mortgage but hedge repayments to limit the impact of euro-pound fluctuations. While hedging adds costs, it provides certainty and protects both borrower and lender.
Lender Approaches in 2025
Mainstream high street lenders remain limited in their appetite for multi-currency mortgages. Most prefer UK-based, sterling income with clear payslips. However, some will accept partial foreign income if it is from a stable source and paid into a UK account.
Specialist buy-to-let lenders are somewhat more flexible, particularly for expats investing in UK property. They may accept rental income as the primary affordability measure while discounting foreign earnings less heavily than mainstream banks.
Private banks remain the most sophisticated option. They not only accept multiple currencies but can structure facilities across jurisdictions, collateralise against global assets, and build bespoke repayment plans. This is particularly valuable for clients with income split across several currencies or with portfolios held in offshore structures. We explored this broader flexibility in
How International Investors Can Finance UK Property in 2025.
Real-World Example
Willow recently worked with a Middle Eastern client earning in US dollars and euros. Their high street bank had declined them on the grounds of “complex income.” By approaching a private bank, we secured a £3.5 million mortgage against a prime London property, denominated in sterling but with an FX hedge linked to their dollar income. This provided both the flexibility to repay from multiple currencies and the certainty that exchange rate swings would not destabilise affordability.
Risks of Multi-Currency Mortgages
While these products open doors, they carry unique risks. Borrowers must understand that:
- FX hedging has costs, which may erode savings from preferential currency movements.
- Currency mismatches can create affordability strain if hedges expire or markets move sharply.
- Complex structures require robust documentation and may trigger additional AML scrutiny.
Handled poorly, a multi-currency mortgage can leave borrowers exposed. Handled well, it can be a powerful tool for wealth management.
Strategic Considerations
For global earners, mortgage planning is not just about affordability—it is about
risk management. Aligning currency exposure with income streams, planning hedges over the right time horizon, and integrating lending with broader investment strategy are all critical.
In some cases, it may be smarter to borrow in sterling and hedge income than to take out a euro- or dollar-denominated loan. In others, matching loan currency with salary currency is the cleaner solution. Each case must be considered individually, with a broker who understands both property finance and FX dynamics.
How Willow Can Help
At Willow Private Finance, we specialise in helping global earners and international investors secure property finance in the UK. We know which lenders accept multi-currency income, which require hedging, and when to escalate to a private bank for bespoke solutions.
Our experience means we can structure cases to highlight financial strength while mitigating perceived risks, ensuring clients achieve both borrowing power and security. Whether you are an expat, an international professional, or a high-net-worth investor, we can help you navigate the complexities of multi-currency mortgages in 2025.
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If you earn in multiple currencies or face FX risk when buying UK property, the right strategy can unlock opportunities while protecting against volatility.
