Need advice on getting GBP or EUR for re-mortgaging and IR35 Need advice on getting GBP or EUR for re-mortgaging and IR35
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  1. #1

    Nervous Newbie


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    Default Need advice on getting GBP or EUR for re-mortgaging and IR35

    Hi All,

    In the current contractor market, is it possible to earn GBP with Outside IR35 ? (after April 2020)
    Else, if i earn EUR, there is a risk for re-mortgaging.
    can anyone advice which is better (GBP or EUR) ?

    Thanks in Advance!

  2. #2

    Some things in Moderation

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    No idea, who knows what will happen in the next 3 months??

  3. #3

    Prof Cunning @ Oxford Uni

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    Quote Originally Posted by kvasan View Post
    Hi All,

    In the current contractor market, is it possible to earn GBP with Outside IR35 ? (after April 2020)
    Else, if i earn EUR, there is a risk for re-mortgaging.
    can anyone advice which is better (GBP or EUR) ?

    Thanks in Advance!

    There’s a risk in it, sure. But maybe the first question is: why do you need to remortgage?
    Secondly, are you running your own Ltd, or through an umbrella?
    How much money is in your war chest?
    What’s the LTV of the remortgage?

    etc
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  4. #4

    Fingers like lightning


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    Quote Originally Posted by kvasan View Post
    Hi All,
    In the current contractor market, is it possible to earn GBP with Outside IR35 ? (after April 2020)
    Might be better to consider the Current market to be pre-April 2020, and the Future market to be post-April 2020.

    To which are you referring? If current, then Yes. If future, well, very likely. The precedent has been set that there do exist Outside IR35 roles in the Public Sector... So Private will likely catch up.

  5. #5

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    Quote Originally Posted by kvasan View Post
    Hi All,

    In the current contractor market, is it possible to earn GBP with Outside IR35 ? (after April 2020)
    Else, if i earn EUR, there is a risk for re-mortgaging.
    can anyone advice which is better (GBP or EUR) ?

    Thanks in Advance!
    Yes.

    Mortgage risks are likely the same for either currency. And nowhere near the risks that you’re a contractor.

    And it depends. I can’t see the future. GBP has a lot of the losses of a hard Brexit already priced in. But not a WTO exit December 2020. The EUR will also suffer any bad Brexit consequences so who knows???
    See You Next Tuesday

  6. #6

    My post count is Majestic

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    Quote Originally Posted by simes View Post
    Might be better to consider the Current market to be pre-April 2020, and the Future market to be post-April 2020.

    To which are you referring? If current, then Yes. If future, well, very likely. The precedent has been set that there do exist Outside IR35 roles in the Public Sector... So Private will likely catch up.
    Weirdly enough, as far as I am aware, the status of the contract doesn't matter for a contractor mortgage. The lending criteria is still against the contract rate so won't matter before or after April.

    The only thing to consider is repayments if you are getting less in your hand. You can get the same mortgage but 30% less in your hand if you are inside so people have to be a little more responsible with what they can afford per month.
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