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problem with wage calculations for mortgage
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moonpenny
Posts: 2,505 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
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there are lenders that will deal with this - have a google on contractor umbrella mortgages0
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