Posted by John Yerou
on July 8th, 2015 09:45am in
Last Updated on March 3rd, 2019 09:48am.
Estimated Reading Time: Less than a minute
We can get mortgages for umbrella contractors. As with limited company contractors, we use contract-based underwriting to determine your affordability.
As an ’employee’ of the umbrella company, you may think it’s easier to secure a mortgage using the payslips they generate.
Far from it. These payslips aren’t the same as those given to traditional PAYE employees. In our experience, the documents umbrella workers receive only serve to confuse underwriters.
Using a broker who understands contracting is an umbrella worker’s only hope of getting a mortgage. Well, one of a value that reflects their true earnings potential, at any rate.
We’ll package your application to show what you’re really worth, as we do with limited company contractors. When an underwriter receives an application, they must be certain that you can repay the loan amount. By removing the unnecessary, we help them see the wood from the trees.
You won’t get that type of service from the majority of High Street lenders. They’ll send your payslip with your application and let head office try to work it out. Good luck with that. If you want a mortgage as an umbrella employee, find a broker who knows the score.
Author: John Yerou
John Yerou is a pioneer of contractor mortgages and owner and founder of Freelancer Financials, Contractor Mortgages®, C&F Mortgages and Self Employed Mortgages, trading styles and brands of the award-winning Mortgage Quest Ltd.