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Mortgage choices when working through Umbrella

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    Mortgage choices when working through Umbrella

    Switched to Paystream (Umbrella scheme) about 2.5 months ago..going great. Still contracting at the same end client as I had previously been via my ltd company

    When applying for a mortgage , do you pick employed or self employed please?

    If employed, how does one calculate their annual salary from your daily rate?

    Many thanks

    #2
    Talk to a broker! But, technically, you're employed by the umbrella. You are not self-employed at all.

    I'd go for daily rate * 220 days.

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      #3
      I spoke to John Yerou at freelance Financials about this last year. He said they can still get mortgages based on day rate even if you are with a brolly.

      Just be wary though. The amount you can afford will be less via a brolly ofc.
      'CUK forum personality of 2011 - Winner - Yes really!!!!

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        #4
        As everyone has said it depends on the lender, best to have a broker experienced in contractor mortgages.
        Last edited by Contractor UK; 22 June 2020, 20:53. Reason: URL Removed

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