Umbrella Companies

As a contractor you have the choice of working through an “umbrella company” or through your own limited company. The advantage of working through an umbrella company is that you are an employee of that company and they are able to give you a mortgage reference the same as any other employee.

The drawback is that it is common for you to be paid the statutory minimum wage for the hours you work and then a bonus based on the income you generate and with many lenders this will significantly affect the amount of borrowing you can secure.

After many years of specialising in this field, we have access to a network of contacts and will ensure that the assessment of your application will be based on the contract you have, rather than on the number of years you have been working as a contractor.

The only evidence you will need to provide to support your initial application is a copy of your contract, some documentation confirming your identity and address, proof of the source of your deposit and your bank statements.

Talk to the experts at Home of Mortgages to find out more