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$, these factors can lead to restricted product choice, higher arrangement fees, or outright decline by lenders without international income expertise.
Fox Davidson’s Specialist High-Street Solutions
Fox Davidson maintains direct, senior-level access to dedicated underwriting teams within several of the UK’s largest high-street banks. These teams are explicitly mandated to support professionals remunerated in US dollars and offer the following advantages:
1. Full Acceptance of US Dollar Income
- No requirement to convert income into sterling at application.
- Hedging or currency risk is not imposed on the borrower.
- Competitive fixed and tracker rates identical to sterling-paid applicants.
2. Flexible Income Verification Options
Lenders in our panel will accept either of the following as primary evidence:
Option A: Standard UK Tax Evidence
Last two years’ HMRC SA302 Tax Calculations and corresponding Tax Year Overviews
Option B: Law Firm Confirmation Letter
Bespoke letter from the firm’s Finance Director or CFO confirming:
• Date partner joined the UK office
• Historical annual earnings since joining
• Projected earnings for the current financial year
• Explicit statement that remuneration is paid in US$ 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.
