Can I use RSUs for a mortgage? Five major lenders won’t count restricted stock units in mortgage checks

Can you use RSUs for a mortgage? Five of the UK’s biggest lenders do not count restricted stock units (RSUs) as income in their standard affordability checks, Newspage analysis of ten lenders’ published criteria has found, and only one, Skipton, publishes a rule for them (50% of vested units).

Workers may receive RSUs, which entitle them to company shares once specific conditions have been met.

Depending on the employer’s share price and the number of units awarded, they can be worth thousands of pounds – especially in technology and AI sectors.

Which lenders accept RSU income?

New Newspage research, sponsored by Heron Financial, found that, as of October 2026, Nationwide, Virgin Money, Barclays, HSBC and Santander do not generally accept RSUs or stock options as part of their standard mortgage affordability assessments.

By contrast, Skipton Building Society allows 50% of RSU income to be considered under its lending criteria.

What lenders told Newspage

Nationwide told Newspage it has no plans to change its approach, despite acknowledging that it may consider RSU income in individual cases.

A spokesperson said: "RSUs are not generally accepted as a source of income as part of our standard affordability assessment. 

“While we may consider individual circumstances on a case-by-case basis, where appropriate and in line with our underwriting criteria, we have no plans to change our approach to RSUs. As with all aspects of our lending policy, we keep this under regular review.”

Santander also confirmed to Newspage it does not accept RSUs as income in its standard assessment.

Lloyds, Halifax, NatWest and TSB were all approached for comment but did not respond – they do not mention RSUs on their criteria.

What should RSU earners do before applying?

Experts said buyers whose pay packages include RSUs should check a lender’s policy before applying for a mortgage.

Matt Coulson, Founder at Rickmansworth-based Heron Financial, commented: "This is pay changing faster than lending criteria. A big slice of London is now paid partly in RSUs or dollars, and with the AI firms expanding here that's only growing, yet most high-street models treat it as exotic.

"The irony is these are often strong earners who look unaffordable because the computer can't see most of their income.

“The good news: it's very financeable with the right lender. Some will count RSUs, usually on a track record of consistent vesting, a sensible discount for share-price risk, and documentation. 

"Skipton's published 50% rule is a good example of doing it transparently. On case-by-case: more lenders should publish clear rules, because opacity is the real problem. 'It depends' too often means a decline at the first hurdle for a good borrower.

“For anyone paid this way, build and document a vesting history before applying, and get advice from someone who knows which lenders take a sensible view. The pay has modernised. Plenty of criteria still need to catch up."

Are there other options?

However, some borrowers may have other options if they cannot find a lender prepared to accept their RSU income.

Aaron Strutt, Product and Communications Director at London-based Trinity Financial, said: "There is a surprising amount of lenders offering RSU income mortgages, but they do not make it obvious. Most banks and building societies do not state on their website that they take RSU income. 

"We are speaking with more borrowers with RSU income who are keen to use it to secure the mortgage amount they need to buy the property.

“This is often because they have gone to their bank and had an application declined. In some cases, the person at the bank they spoke to is unaware of RSU income or its value. 

“Mortgage lenders have made big changes to their affordability rules recently, so some borrowers may not need to use their RSU income to get a mortgage. It might be possible to borrow up to six or 6.5 times their PAYE income. This could make mortgage applications more straightforward, giving access to a wider range of lenders.”

Some buyers could struggle to get the mortgage they need despite earning six-figure salaries, according to one financial expert.

Nouran Moustafa, Practice Principal & IFA at Roxton Wealth, commented: "Mortgage underwriting is struggling to keep up with how modern tech workers are actually paid. Someone can have a substantial, established compensation package but discover that a lender ignores the RSUs completely or cuts their dollar salary for affordability purposes.

“That can dramatically change borrowing power. I understand lenders being cautious with volatile share-based income, but case by case should not become a substitute for clear criteria. 

"Borrowers need to know whether vested RSUs count, what percentage will be used and what track record is required.

“Before applying, tech workers should gather vesting history, award statements, payslips and evidence of how consistently the income has been received, then speak to a broker before assuming their total compensation equals mortgageable income. A £200,000 remuneration package is irrelevant if the lender only recognises £100,000 of it."

One expert has urged lenders to provide clearer guidance for borrowers with RSUs, rather than relying on a “case-by-case” approach. 

Harvey Dhillon, Founder & CEO at Zmartly, commented: "Lenders haven't caught up with how tech firms pay people, but the tax system has. HMRC taxes RSUs as income from your job when they vest, and dollar pay at its value in pounds on the day it's due or paid, whichever comes first. 

"With rules that clear, case by case isn't good enough and lenders should publish theirs. Which lender takes it, and how much, is a broker's call, not mine.

“Before you apply, find out how your shares were taxed. Shares listed on a stock exchange normally go through payroll and are reported to HMRC as pay. 

"If yours didn't, the income tax goes through your own tax return, and the SA302 tax calculation and tax year overview from it are your proof of income. 

“If you sell shares for the deposit, the amount already taxed as income is part of their cost, so broadly only the growth since they vested is a gain. Paid in dollars? Ask whether your pay goes through UK payroll, because that changes what proves your income.”

Questions answered by Matt Coulson, Founder at Rickmansworth-based Heron Financial:

What are RSUs, and why do lenders treat them differently from salary or a bonus?

RSUs, or restricted stock units, are shares your employer grants you that become yours in stages over a few years, usually as part of your pay package. The reason lenders treat them differently from salary is that they’re less certain. Your basic salary is contractual and predictable. RSUs depend on the share price holding up, on you staying with the company, and on future grants that aren’t guaranteed. A bonus sits somewhere in between. So a lender sees RSUs as real income, but income with more moving parts, and they tend to be more cautious with it as a result.

Will a lender count my RSUs towards how much I can borrow, and how much of them?

Some lenders will, and some won’t touch them at all, which is really the heart of the issue. The ones that do count RSUs usually won’t take the full value. It’s common to see them use something like half, and often they’ll average your RSU income over the last couple of years to smooth it out. Many also cap how much variable income they’ll count, so your RSUs can’t take you beyond a certain multiple of your basic salary. My take is that the headline amount matters less than finding a lender whose approach fits how you’re actually paid.

Do vested and unvested RSUs count differently, and does it matter if they pay out in shares or cash?

Yes, and this is where a lot of people get caught out. Vested RSUs are the ones that have already become yours, so lenders are far more comfortable with those. Unvested units are still in the future and depend on you staying put, so most mainstream lenders ignore them completely, though some specialist and private lenders will look at them. On shares versus cash, what lenders really want to see is a pattern of those shares actually being turned into money. If you’re regularly selling vested shares and the cash is landing in your account, that history makes the income look far more real to them.

How do lenders deal with the share price, and do they discount RSUs because the value can fall?

They do, and it’s sensible that they do. Because a share price can drop, a lender won’t usually take your RSU value at face value. They’ll apply a discount, a haircut, to build in a cushion if the shares fall before or during your mortgage. If your shares are in a US company and paid in dollars, you’ll often see a second, separate reduction for the currency risk on top of that. So two people with the same headline RSU figure can end up with quite different usable income, depending on how volatile the stock is and what currency it’s in. It comes down to how reliable the lender thinks that money is.

What paperwork proves RSU income, and is it harder if the shares are in a US company?

The core evidence is your vesting schedule, your award or compensation statements, and your payslips or year-end summary showing the RSU income. On top of that, lenders love to see brokerage statements where you’ve actually sold shares and the money has come through, because that proves the income is real and not just on paper. A US company does add a layer. You’re dealing with dollars, currency movements and sometimes documents in a slightly different format, so it can take more explaining. What I’d say is that the tidier and more consistent your paperwork, the smoother the whole thing goes.