Mortage for agency worker/umbrella company employee

socialworkstudent

Hi Everyone

My husband and I want to buy a new house, current mortgage is in his sole name as I was, until recently, a student.

I am an agency employee, working for an umbrella company for three months on a three month contract (which is renewed every three months indefinately). Working this way promises me bigger wages than a permanent employee but obviously less security.

husband has been employed but the same employer for more than 15 years

I could get a permanent job before christmas but would experience a huge drop in salary. Even if my current contract ends (it wont- other agency workers have been with the same company for 2-4years) I could walk into another contract within a week

Do you think any current lenders would lend to me/us? Both of us have good credit ratings, have a £50-£60k deposit and need to borrow £200,000 approx.

Any advice would be appreciated.

harvey115

Your employment type would be the hard one to secure finances as contracting is best through Ltd companies where the lender has more of a view on the process. Umbrella companies are one of the options for contractors but lenders do not usually like them that much. The fact you have 3 months contract will also be an issue. A 6 monthly contract would be more of a standard in the contracting market and lenders are aware of this.


Okay, what you can do is solely rely on your partner's earnings if they make up for the mortgage amount you require and add your self as non contributing applicant to the mortgage. So to borrow £200K your partner would need a salary around/near £50K.

Yours is a broker case and you should get in touch with one to get more options available.

Hope this helps.