Nationwide Mortgage for Umbrella Company Contractors

oli_ro

Nationwide is among the banks that are considered contractor friendly.

I have an application with them(long story), but I thought I would check if people with similar working arrangements have been successful before:
- worked in the same field for > 10 yrs
- 1 1/2 years working as a contractor using umbrella
- contract with more than 5 months remaining

Day rate is more than enough(according to their calculator) to give me almost twice the loan I am requesting.

LTV 80%

What other lenders consider such cases ?

Mortgage_Mark_2

oli_ro wrote: »

Nationwide is among the banks that are considered contractor friendly.

I have an application with them(long story), but I thought I would check if people with similar working arrangements have been successful before:
- worked in the same field for > 10 yrs
- 1 1/2 years working as a contractor using umbrella
- contract with more than 5 months remaining

Day rate is more than enough(according to their calculator) to give me almost twice the loan I am requesting.

LTV 80%

What other lenders consider such cases ?

Can't give you the name of lenders however speak to a contractor specialist broker, there will be options I'm certain.

Nationwide are really not that contractor friendly, they have a strange quirk about their criteria that many others don't have.

The absolute key is which umbrella company you use...

oli_ro

Hi,

Completed with Nationwide 2 weeks ago, and my thoughts are:

- Nationwide are an ok lender, but with anything but straightforward cases can take their time and their underwriters seem very thorough(or fussy, depending on which side you are looking).

- My broker was invaluable, being an umbrella company contractor, I would be dead in the water without their relationships and expertise. I really think they do provide huge value and work very hard for the fee they get from the lender.

- My broker was free, but for the amount of work they have done for me, I would have paid them a fee.

Good luck !

amnblog

oli_ro wrote:

for the amount of work they have done for me, I would have paid them a fee

It's not too late!

oli_ro

Ha, ha !

I have offered, believe me.

I will find other ways to return the service, I am getting some insurance through them.