We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
problem with wage calculations for mortgage
moonpenny
Posts: 2,529 Forumite
Hope someone can offer some advice!
My son (plumber) works for local council (past 18 months) as a "sub contractor" and goes through an "Umbrella company" to deal with his tax etc.
He is classed as "employed" by the Umbrella Company.
He has just been to see a Mortgage Broker about buying a house and they will only calculate his wages as being on Minimum pay. He is on approx. £34,000 a year but on his wage statements, his pay is made up of bonuses etc. Is there any way around this?
Bit of background - He is only looking at houses £90 - £100,000 mark and he has a deposit of £20,000.
My son (plumber) works for local council (past 18 months) as a "sub contractor" and goes through an "Umbrella company" to deal with his tax etc.
He is classed as "employed" by the Umbrella Company.
He has just been to see a Mortgage Broker about buying a house and they will only calculate his wages as being on Minimum pay. He is on approx. £34,000 a year but on his wage statements, his pay is made up of bonuses etc. Is there any way around this?
Bit of background - He is only looking at houses £90 - £100,000 mark and he has a deposit of £20,000.
0
Comments
-
there are lenders that will deal with this - have a google on contractor umbrella mortgages0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards