Mortgages as an umbrella company PAYE employee

hanrutmoe

kingstreet wrote: »

Many lenders don't ask for it.

An experienced broker will help you with an approach which best suits your circumstances.

Thank you, that is very good to know. So far I had only reached out to one provider and he was quite adamant he needed my P60 gross (rather than looking at my payslips) so I worried this was true of any provider.

Next year my P60 will be a much stronger reflection, but I was hoping to have moved before Apr/May 2016.

Mortgage_Mark_2

Are you a contractor, through the umbrella company?

Also, which umbrella company? That could make a difference. Well, it WILL make a difference, but only with some lenders!

hanrutmoe

Mortgage_Mark wrote: »

Are you a contractor, through the umbrella company?

Also, which umbrella company? That could make a difference. Well, it WILL make a difference, but only with some lenders!

Well, I'm somewhere in between. I take contracts from the company I actually do the work for, but technically my umbrella company invoices them and then I'm a PAYE employee of them; Parasol.

Mortgage_Mark_2

hanrutmoe wrote: »

Well, I'm somewhere in between. I take contracts from the company I actually do the work for, but technically my umbrella company invoices them and then I'm a PAYE employee of them; Parasol.

Ah yep, so you're a contractor, Parasol are a popular umbrella company for contractors to use for payroll etc.

Speak to a broker who knows how contracting works, particularly through an umbrella company, and there may be a far easier and better way for you to approach it that looking at P60's, payslips etc, and use your contract rate.

hanrutmoe

Mortgage_Mark wrote: »

Ah yep, so you're a contractor, Parasol are a popular umbrella company for contractors to use for payroll etc.

Speak to a broker who knows how contracting works, particularly through an umbrella company, and there may be a far easier and better way for you to approach it that looking at P60's, payslips etc, and use your contract rate.

Thanks for the advice Mark, I am now seeking out some contractor mortgage specialists. Also looking to get an appointment with Halifax as I hear they also work with contractors, and they are also my banking provider.

Mortgage_Mark_2

hanrutmoe wrote: »

Thanks for the advice Mark, I am now seeking out some contractor mortgage specialists. Also looking to get an appointment with Halifax as I hear they also work with contractors, and they are also my banking provider.

They are indeed 'contractor friendly' however just bear in mind that often the people you speak to in branch/on the phone don't deal with contractors all that regularly so you may get conflicting information. That's if you can see anyone this month!

EDIT: Halifax do, however, have a minimum income of £75,000 for non-IT contractors that aren't PAYE with the end client (£312.50 day).

hanrutmoe

Mortgage_Mark wrote: »

They are indeed 'contractor friendly' however just bear in mind that often the people you speak to in branch/on the phone don't deal with contractors all that regularly so you may get conflicting information. That's if you can see anyone this month!

EDIT: Halifax do, however, have a minimum income of £75,000 for non-IT contractors that aren't PAYE with the end client (£312.50 day).

Thanks Mark, I'm definitely heading in a better direction now. Have been in contact with an independant financial advisor who works with contractors specifically. They're advising me towards Nationwide who can go off my daily rate.

With Halifax do you happen to know the income required for IT contractors (I'm in IT)?

Thanks!

Mortgage_Mark_2

There is no minimum income for IT contractors with Halifax.

Nationwide will require you to be with the same end client for the past 24 months, and have six months' remaining on your contract, but they can certainly be an option.

hanrutmoe

Well that all sounds pretty positive then, I'm in I.T and I've been with the same end client for 24 months as of next month, with another 7 months left and fairly confident my end client would extend it beyond that if I discuss this with them (I'm already within my 3rd extension with them).