Y’know, it’s so tough getting umbrella contractor mortgages on the High Street today.
That’s because, working for an umbrella company, you’re technically neither proper PAYE nor self-employed.
But it’s the inconsistency of lenders’ inability to see your affordability that really hurts!
Some mortgage providers want your payslips and contract to work out how much you can afford to borrow. Others rely upon (often confusing) umbrella payslips alone.
Or, worse case scenario, they offer only the self-employed ‘SA302’ route.
It’s no wonder so many in-branch and call centre advisors make a hash of your mortgage application.
So, what is the answer to getting a mortgage that reflects what you can really afford?
The safest way to access umbrella company mortgages
You and I can see where the confusion lies, so why can’t banks and building societies?
Actually, they can. But, you must realise this:
you’re a specialist borrower in a sea of different specialist borrower types!
The array of knowledge needed to chart this sea is huge. As such, lenders rarely train frontline staff in the nuances of specialist borrowing. And, yes: umbrella contractor mortgages remain a specialist niche!
Your application in trusted hands
That’s why today, many lenders who are contractor-friendly are also intermediary-only. That means many (but not all) only offer specialist mortgages through FCA-accredited brokers (like us).
In short, they rely on us to vet all contractors’ affordability before we submit their applications.
Now you know this, you’re probably either:
- curious about how lenders see you, or
- are struggling to get one to take you seriously.
Book a callback with our expert advisors to suit you, and start getting relevant answers you can work with.
So, who are C&F Mortgages?
We’re a wholly independent London mortgage brokerage, and have worked with all types of contractors for almost two decades.
We know the self-employed and independent contractor sectors inside out. We’ve seen first hand how IR35 reforms have devastated the contractor sector.
As a result, many contractors now favour umbrella companies over PSC structures.
Dealing direct with underwriters who speak our language
Conversely, we’re also working with underwriting teams daily, and have worked with most for years. This helps us to:
- keep our finger on the pulse, knowing what deals with which lenders are best for you;
- bypass those gatekeepers who know little-to-nothing about contractor income structures.
We’ve even helped some lenders develop their own specialist contractor lending criteria!
That’s why so many underwriters rely on our experienced judgement to present umbrella contractors’ applications.
It’s also why you should leverage our key relationships, knowledge and relevant experience to get a competitive mortgage for yourself.
When an over-the-counter solution isn’t working, it’s time to go behind the scenes. Call us on 0208 421 7788 or request a callback (no obligation!) to get preferential mortgage deals today.