Can umbrella “employees” get contractor mortgages?

Can umbrella “employees” get contractor mortgages?
Contractor Mortgages

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Last Updated on September 11th, 2018 07:59am.

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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 the owner and founder of C&F Mortgages; a trading style & trade mark of the award winning Mortgage Quest Ltd. One of the most recognised names in providing mortgages for contractors and freelancers across the UK.

In 2004 John began his career in Financial Services as an independent mortgage adviser and broker. John has been instrumental in negotiating bespoke underwriting for contractors with high street lenders.

His presence in the industry as a go-to expert is growing by the day and he is regularly cited and writes in publications both locally and nationally.

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