Going from PAYE employee to self-employed contractor can be a daunting prospect. But many skilled professionals make the transition every year. Most of them end up wondering why they never did it years ago.
Many things work differently for limited company and umbrella contractors, though, especially finance. Sites like ours help filter the noise, providing relevant news and useful guides.
A guiding hand through mortgage madness
At C&F, we specialise in insurance protection and mortgages for contractors. Our advisors work daily with all types of mortgages, all types of freelancer and contractor.
One of the first things contractors soon discover is that mortgage lenders struggle to understand their income. That’s because contract income is a specialised area. Normally, only underwriters at head office deal with specialist applicants.
As a PSC/Limited Co. contractor, you’ll have tax-efficient accounts. Conversely, umbrella contractors have payslips that are far from the norm.
Front line bank staff often struggle with both of these types of evidencing income. But don’t worry: we’ve got you covered!
Straight to the horse’s mouth
We have direct lines to underwriters to help you bypass those front line gatekeepers. Also, many contractor-friendly lenders’ underwriting teams specify ‘intermediary only’, anyway. This means they only go through specialist brokers like us for contractor applicants.
In order to prepare you for challenges you may face, here are our contractor guides:
- Mortgages for Contractors:
- FAQ: Everything contractors need to know about mortgages:
- Myth-busting guide for contractors wanting to use their contract rate to get a mortgage;
- Protecting your contractor lifestyle: it’s critical for most contractors:
- Contractors don’t get death-in-service, sick pay or group life cover like ‘staff’; it’s up to you:
- Income Protection; uphold your standard of living:
- Protect your earnings and safeguard the things you’ve worked hard for!;
- Contractor and Freelancer Critical Illness Insurance:
- Are your earnings protected if you’re unable to work?;
- Contractor and Freelancer Life Insurance Cover:
- This is vital to all self-employed contractors looking to protect their love ones;
- Contractor & Freelancer Relevant Life Insurance:
- Use Your Limited Company to pay for your Life Cover (stick it on expenses!);
- Contractor mortgage, repayment and Stamp Duty calculators:
- Mortgage Blog: stay up to date with timely mortgage and protection news!
Any further questions you may have about contractor mortgages, just pick up the phone. We have teams — real human beings — waiting in our offices in Watford and in Pinner ready to help.
Good luck in your new lifestyle choice!