Using Multiple Income Sources: Salary, Bonus, Restricted Stock Units (RSUs) And Rental

David Walsh

DIRECTOR AND MORTGAGE ADVISER

Specialist broker for high-earning professionals and complex income cases.

High earners rarely fit neat boxes. Your payslip, bonus cycle, vesting equity and rental portfolio all move on different calendars. Here’s how to present blended income clearly so lenders can consider more of what you actually earn—within policy and affordability.

Using Multiple Income Sources: Salary, Bonus, Restricted Stock Units (RSUs) And Rental

• Salary: core affordability anchor

• Bonus: often averaged; some lenders cap the % included

• RSUs: vesting history helps; unvested awards usually excluded

• Rental: assessed with stress rates and expenses; portfolio rules may apply

• Documentation: payslips/P60, bonus letters, RSU schedules, SA302s, tenancy/ASTs, tax returns

Who This Guide Is For

UK-based professionals with base salary + variable pay (bonus/commission), equity compensation (RSUs/options), and one or more rental properties—including limited company directors and LLP partners. We’ll keep this scannable, practical and compliant.

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The Blended-Income Strategy (At A Glance)

• Lead with salary. It anchors scoring and affordability.

• Normalise variable pay. Expect averages over 6–24 months and/or caps on the percentage included.

• Evidence equity sensibly. Vesting history and award schedules strengthen RSU treatment; unvested awards are usually outside affordability.

• Treat rental as a separate engine. Lenders apply rental stress tests and portfolio checks; personal BTL commitments may still affect residential affordability.

• Package cleanly. Give underwriters a tidy, chronological evidence pack.

Salary: The Foundation

• What lenders look for: Stability, employer, probation status, and any near-term changes (promotions, contractual increases).

• What to provide: Latest 3 payslips, P60, and a contract/offer letter if changing role.

• Tips: If a pay rise is imminent, include the signed letter with start date.

Bonus & Commission: Make Variability Work For You

• Typical approach: Many lenders average variable pay across 6–24 months; some cap the proportion counted (e.g., 50–100% of the average) subject to policy.

• Year-end spikes: A strong P60 can help where recent payslips are light.

• What to provide: Bonus letters, payslip breakdowns, P60s and, where relevant, award policies confirming frequency.

• Watch-outs: One-off windfalls without track record may be reduced or ignored.

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RSUs & Equity: From Paper To Proof

• Vested vs unvested: Vested RSUs you’ve actually received (and ideally sold) are much easier to evidence; unvested awards are commonly excluded from affordability.

• History matters: Some lenders may consider a proportion of regular vesting once there’s 12–24 months of receipts.

• What to provide: Employer equity statements, vesting schedules, broker statements, and bank statements showing sterling proceeds.

• Volatility & currency: Equity paid in foreign currency or subject to market swings is often treated conservatively or discounted.

Rental Income: Separate Engine, Separate Rules

• For buy-to-let borrowing: Lenders run rental stress tests against the property’s rent (e.g., interest cover at a notional rate). Company vs personal ownership can change the stress; policies vary.

• For your residential mortgage: Some lenders offset rental profit against the commitments from existing BTLs; others use a surplus/deficit approach from tax returns.

• Portfolio checks: Multiple BTLs can trigger portfolio landlord rules (e.g., asset/liability schedule, rental business viability).

• What to provide: Latest SA302s/tax calculation & tax year overviews, ASTs, rent statements, and mortgage statements for each BTL.

How Lenders May Combine Sources (Typical Patterns)

• Base salary at 100%

• Bonus/commission at a capped proportion of an average (e.g., 50–100% depending on policy)

• RSU vesting: regular, evidenced receipts may be included in part; unvested grants usually excluded

• Rental: residential affordability may reflect net rental position after stress tests/commitments

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Packaging Your Evidence

• Employment & Variable Pay

  • 3 payslips + P60

  • Bonus letter(s) confirming frequency/amount (if available)

  • Contract/offer letter for changes (start date & salary)

  RSUs/Equity

  • Employer equity plan statements & vesting schedule

  • Broker statements showing shares sold/proceeds received

  • Bank statements with GBP credits matching vest dates

  Rental

  • SA302s + tax year overviews (latest 1–2 years typically)

  • ASTs and rental statements for each property

  • BTL mortgage statements; simple portfolio schedule (property, value, rent, mortgage, payment)

Worked Example (Illustrative Only)

Profile: Base £140,000; last two bonuses £35,000 and £30,000; RSUs vesting ~£12,000 net p.a.; two BTLs with combined £1,800/mo rent and £1,200/mo payments.

How a lender may view this:

• Salary: £140,000

• Bonus considered: Average £32,500 with, say, 50–75% credit → £16,250–£24,375

• RSUs considered: Regular vests evidenced → lender may include a prudent proportion (e.g., £6,000–£12,000)

• Rental interaction: Residential affordability tested after accounting for BTL commitments; any surplus from SA302s may help, deficits may reduce capacity.

Exact treatment varies. We run total affordability with the lenders most receptive to your profile and show ranges, not promises.

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Typical Hurdles — And Practical Fixes

• Lumpy bonus/RSU timing: Add a 2-year view (P60 + vesting history) to smooth seasonality.

• Equity paid in foreign currency: Provide clear GBP conversion evidence; expect prudent discounts.

• Portfolio landlord hurdles: Prepare an asset & liability schedule and updated rent roll.

• Recently started role: Use a signed offer and first payslip; some lenders are comfortable with probation (policy-dependent).

• Large loan size: Consider lenders that offer enhanced income multiples to eligible professionals or explore private banks for bespoke underwriting.

Ready To Talk?

We’ll map your salary, bonus, RSUs and rental to the lenders that credit them sensibly, model total affordability and recommend the most suitable structure. Request your fee-free mortgage consultation.

Request your fee free mortgage consultation today. No obligation, just sound advice.

Complete Enquiry Form

FAQs

• Will A Lender Use 100% Of My Bonus?

  Some may, many won’t. Expect a cap and an average over time.

• Can RSUs Count Toward Affordability?

  Sometimes, when there’s a track record of vesting and cashing out. Unvested awards are usually excluded.

• How Do Rentals Affect A Residential Mortgage?

  Lenders consider rental stress tests and your net position (surplus or deficit). Portfolio rules may apply.

• Do Professionals Get Bigger Income Multiples?

  Some lenders may offer higher multiples for certain professions, always subject to affordability and policy.

• What If Part Of My Income Is In Foreign Currency?

  Many lenders discount foreign currency income before affordability; evidence of conversion and stability helps.

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