Mortgage choices when working through Umbrella Mortgage choices when working through Umbrella
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  1. #1

    Nervous Newbie


    Join Date
    Jan 2019
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    Question 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. #2

    Godlike

    ladymuck's Avatar
    Join Date
    Sep 2005
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    London
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    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.

  3. #3

    My post count is Majestic

    northernladuk's Avatar
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    Mar 2009
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    43,572

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    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!!!!

  4. #4

    Fingers like lightning


    Join Date
    Feb 2013
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    Ipswich, Suffolk
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    As everyone has said it depends on the lender, best to have a broker experienced in contractor mortgages.
    Last edited by Contractor UK; 22nd June 2020 at 20:53. Reason: URL Removed

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