International & Expat · Mortgage
UK mortgage for a Switzerland-based banker with CHF bonus income and no UK credit history
A senior banker based in Geneva wanted to purchase a London pied-à-terre. His total compensation was split between a CHF base salary and a substantial annual bonus — both paid by his Swiss employer. Standard UK lenders could not assess the income structure. We arranged a mortgage through a lender with genuine capability for Continental European financial services professionals.
Reviewed by Yazdaan Hussain · CeMAP qualified · LLB
3 September 2026
The Situation
Our client was a director-level professional at a major international bank, based in Geneva with a long-established Swiss employment contract. His total annual compensation was approximately CHF 720,000, made up of a fixed CHF salary element and a performance bonus paid in February each year. He had identified a one-bedroom flat in Central London at £850,000 as a combination of pied-à-terre for his regular UK visits and a long-term investment. His deposit — 30% of the purchase price — was held in UBS and Credit Suisse accounts in Switzerland. He had no UK credit history: no UK bank accounts, no UK addresses on file, no UK credit relationships of any kind.
The Challenge
CHF income from a Swiss employer creates two distinct issues for UK mortgage lenders. First, currency conversion: lenders who accept foreign currency income apply a haircut — typically 10–25% — and the methodology for bonus income varies further, with many lenders excluding one-off or discretionary bonus entirely. A 25% CHF haircut applied to the total compensation, combined with excluding the bonus, would have reduced the assessable income by nearly half — undermining the affordability calculation entirely. Second, bonus income: Swiss private bank and investment bank bonus structures, while substantial and contractually supported, are not always annual guarantee payments — they are performance-related, and lenders vary considerably in how many years of bonus history they require and what proportion they will include. The absence of any UK credit footprint was an additional factor, though a relatively standard one for a Switzerland-based buyer.
Our Approach
We targeted lenders with structured capability for financial services professionals with Continental European income packages — specifically those whose criteria distinguished between discretionary and contractually-supported bonus income, and whose CHF conversion methodology applied a more favourable haircut to evidenced, consistent bonus history. We prepared the income documentation in the format these lenders require: two years of Swiss payslips demonstrating the base/bonus split, two years of Swiss tax returns confirming total compensation, a signed employer letter from the bank confirming role, base salary, bonus eligibility and tenure, and a source-of-funds package for the UBS and Credit Suisse deposit accounts covering three months of statements in each. We presented the case as a prime London purchase by a senior financial professional with a highly evidenced, long-tenure Swiss income — rather than allowing it to be assessed through a generic overseas-income framework that would have understated the position significantly.
The Outcome
Mortgage offered at 70% LTV on competitive fixed rate terms. The lender assessed the CHF income using a methodology that recognised the consistent bonus history as recurring rather than discretionary, applied a conversion rate that did not penalise the client's actual earnings, and accepted the Swiss-held deposit with appropriate source-of-funds documentation. The purchase completed. The client is reviewing a second UK investment property.
Outcome
Mortgage offered at 70% LTV on competitive fixed rate terms. The lender assessed the CHF income using a methodology that recognised the consistent bonus history as recurring rather than discretionary, applied a conversion rate that did not penalise the client's actual earnings, and accepted the Swiss-held deposit with appropriate source-of-funds documentation. The purchase completed. The client is reviewing a second UK investment property.
This case study is anonymised. The outcome shown is specific to this client's individual circumstances and is not indicative of results in other cases. Your mortgage is not guaranteed until a formal offer is issued. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Lockhart Murphy is a trading style of Mortgage Force (UK) Ltd who is authorised and regulated by the Financial Conduct Authority. FCA Number: 843041. Registered in England and Wales, Companies House No: 09394027.
- Switzerland
- Geneva
- CHF income
- Swiss francs
- bonus structure
- financial services
- private banking
- no UK credit
- pied-à-terre
- international
- Continental European
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