At Fox Davidson, we are recognised as leading mortgage brokers for senior professionals, including law firm partners practising in the UK offices of major US and international firms. With increasing numbers of US-headquartered practices establishing or expanding London and regional operations, a growing cohort of UK-resident partners now receive some, or all, of their remuneration in US dollars. While this reflects global prestige and earning potential, it can introduce unnecessary complexity when approaching UK mortgage lenders.
This article outlines the specific considerations for US law firm partners and demonstrates how Fox Davidson’s established lender relationships deliver streamlined, competitive finance solutions, often at high-street rates, for loans of any size, including those exceeding £10 million.
The Perceived Hurdle: Remuneration in US Dollars
Many UK lenders view income paid in a foreign currency as a potential risk factor. Common concerns include:
- Currency fluctuation between application and completion.
- Complexity in verifying stable, sterling-equivalent earnings.
- Perceived administrative burden in accepting non-UK payroll evidence.
For partners paid wholly or partially in US$, these factors can lead to restricted product choice, higher arrangement fees, or outright decline by lenders without international income expertise.
Fox Davidson’s Specialist High-Street Solutions
Fox Davidson maintains direct, senior-level access to dedicated underwriting teams within several of the UK’s largest high-street banks. These teams are explicitly mandated to support professionals remunerated in US dollars and offer the following advantages:
1. Full Acceptance of US Dollar Income
- No requirement to convert income into sterling at application.
- Hedging or currency risk is not imposed on the borrower.
- Competitive fixed and tracker rates identical to sterling-paid applicants.
2. Flexible Income Verification Options
Lenders we work with will accept either of the following as primary evidence:
Option A: Standard UK Tax Evidence
Last two years’ HMRC SA302 Tax Calculations and corresponding Tax Year Overviews
Option B: Law Firm Confirmation Letter
Specialist letter from the firm’s Finance Director or CFO confirming:
• Date partner joined the UK office
• Historical annual earnings since joining
• Projected earnings for the current financial year
• Explicit statement that remuneration is paid in US$ while the partner remains UK tax-resident
The letter route eliminates the need for HMRC documentation in circumstances where tax returns are not yet finalised, providing a faster pathway to offer.
3. Large-Loan Expertise via Dedicated Teams
For partners requiring facilities from £1 million to in excess of £10 million in a single loan, we engage specialist large-loan divisions within the same high-street institutions. These teams:
- Apply manual underwriting with direct underwriter dialogue.
- Take a holistic view of total remuneration (base draw, bonus, carried interest where applicable).
- Routinely lend up to 75% LTV on properties valued to £20 million+.
- Offer tier-one pricing with arrangement fees frequently capped.
Why Timing Matters
US law firm partners typically operate on calendar-year bonus cycles, with final distributions confirmed between December and February. By engaging Fox Davidson in Q4, we can:
- Secure a Decision in Principle using the law firm letter.
- Lock the chosen rate up to six months ahead.
This forward-planning approach protects against base-rate movement and ensures completion aligns precisely with property transaction timelines.
To explore your options, contact us directly.
Frequently Asked Questions
Can US law firm partners get a UK mortgage with USD income?
Yes. UK lenders accept USD income from US law firm partners working in London or returning to the UK. Specialist lenders apply a foreign-currency discount (typically 10 to 25 percent of USD income) to reflect FX volatility. Mainstream lenders including HSBC, Barclays International, and Santander International routinely lend to USD-earning law firm partners.
How much can US law firm partners borrow on a UK mortgage?
US law firm partners typically access 4.5x to 6x assessed sterling-equivalent income with mainstream HNW lenders. Private banks under the FCA high net worth definition often lend on a whole-of-wealth basis without strict income multiples, allowing £5m+ loans for senior partners. Equity partners with strong profit shares typically borrow more than salaried associates.
Which lenders accept USD income for UK mortgages?
Lenders accepting USD income for UK mortgages include HSBC, Barclays International, Santander International, NatWest International, Skipton International, Coutts, Weatherbys, Arbuthnot Latham, and Investec. Each has specific minimum income thresholds and acceptable countries of residence.
What deposit do US partners need for a London mortgage?
US law firm partners buying London property typically need 25 to 40 percent deposit depending on property value, lender, and currency-discount applied. The 2 percent SDLT surcharge for non-UK residents and the 5 percent surcharge for second homes apply. Total SDLT can exceed 17 percent on properties above £1.5 million.
How are partner profit shares assessed for mortgages?
Partner profit shares are assessed on a two-year average of distributions, supported by partnership accounts and personal tax returns. Specialist lenders may use the latest year if higher and supported by partnership letter confirming the basis for the increase. Mid-year exits or recent partner promotions may need partnership confirmation of expected profit share.
Can US partners use bonus or carried interest for affordability?
Yes, partially. Most lenders accept 50 to 75 percent of two-year average bonus or carried interest income, supported by partnership records. Specialist lenders accept up to 100 percent. Private banks under the FCA high net worth definition consider the full picture including cumulative carried interest entitlements as part of overall wealth.
What rates apply to USD-earning UK mortgages?
USD-earning UK mortgages typically price 30 to 80 basis points above standard UK resident rates at equivalent LTV. Five-year fixed rates for USD earners at 70 percent LTV in April 2026 typically range from 4.65 to 5.25 percent depending on lender and amount of currency discount applied.
How long does a US partner UK mortgage application take?
US partner UK mortgage applications typically complete in 6 to 10 weeks. Foreign-currency income translation, international AML checks, and partnership accounts review add time compared with domestic applications. Pre-approval before house hunting is strongly recommended.