Self-employed/Contractor.

Libra1975

Hello all I wonder if someone could clear up a little confusion I have in my mind!
I am going to be looking for a mortgage and I am currently a contractor and have been for the last 2 years (solidly in work). However even tho I am a contractor I have an umbrella company that looks after my tax, invoicing etc so I don't actually have my own company set up or pay myself dividends etc etc.
My confusion is - am I still self-employed and will I need to self-certify?

Thanks in advance.

herbiesjp

No you do not need to self certify

More lenders are understanding this set up and will accpet what you receive as proof of income

Libra1975

Thanks for your help

Andy_G_3

It is also worth checking with your potential mortgage provider what proof of self employed income they require.

Not all accept invoices or bank statements as proof and some only accept the HMRC Statement.

pusscat

I was in exactly this situation and took out a standard mortgage with the Woolwich (now Barclays) via a specialist "contractor broker". The amount you can borrow is worked out as a multiple of your hourly or daily rate.

I had no problems with this at all - I have a standard high street mortgage which is not self cert - but don't go direct to a branch, use a broker who understands contractors and their needs......

Puss
xx

rjm2k1

I had this problem a few years ago, I was working for my own ltd company, most high street lenders needed 3 years of audited accounts to consider giving me a mortgage and I couldn't provide that. My own bank which I'd been with for 10+ years didn't bat an eyelid and approved it immediatly. Maybe lenders are more flexible these days, but the people you already bank with may be the easiest option.