Contractor mortgage and Umbrella

[bpm_monkey]

I have been contracting since June last year and used to be paid by means of a generic offshore loan. Scary stuff.

I realized my mistake and exited the scheme end of last year. Going forward I favor a Ltd approach but the issue I face is that I want to apply for a mortgage this year. I need to know if getting paid by means of a Umbrella is a better idea simply because you get monthly pay slips you can use to proof your income. Anybody out there that successfully applied for a mortgage from a high street using pay slips from an Umbrella?

I want to borrow £275k on a house that costs £325k

[Board Game Geek]

I have been contracting since June last year and used to be paid by means of a generic offshore loan. Scary stuff.

I realized my mistake and exited the scheme end of last year. Going forward I favor a Ltd approach but the issue I face is that I want to apply for a mortgage this year. I need to know if getting paid by means of a Umbrella is a better idea simply because you get monthly pay slips you can use to proof your income. Anybody out there that successfully applied for a mortgage from a high street using pay slips from an Umbrella?

I want to borrow £275k on a house that costs £325k

I use Orange Genie, showed the Nationwide my last 12 payslips and they said fine, no problem.

I chatted to the mortgage arranger and said I thought there might be a problem, and she replied that these days there are so many people using MSC's for payroll that it is not novel or unusual anymore, and that most instituitions were not frightened by it anymore.

I wouldn't worry about it.

HTH

[rsingh]

I went through Contractor Money. All they required was a copy of my current contract to secure a mortgage with Abbey. That was 2 years ago. Things may have changed though.

[mr_woo]

I used contractor money in May 2009. Got an 80% mortgage with Woolwich based on value of a 3 month contract.

[bpm_monkey]

I used contractor money in May 2009. Got an 80% mortgage with Woolwich based on value of a 3 month contract.

Do you use an Umbrella or do you have a Ltd and what fee did CM charge you?

[kaiser78]

I used contractor money in May 2009. Got an 80% mortgage with Woolwich based on value of a 3 month contract.

Bypass the middleman and go direct to Woolwich/Barclays - I did last year no problems and a lot easier.

[bpm_monkey]

Bypass the middleman and go direct to Woolwich/Barclays - I did last year no problems and a lot easier.

Which Umbrella are you using?

[Jet Setter]

Umbrellas generally don't cause too much trouble, but I know ltd can be an issue. In the case of having to use ltd paye and divs, the more info the better. A mate of mine didn't have too many hassles when he supplied his company contracts showing his daily rates to back up the income he was taking from the company.