Remortgage declined because im paid via umbrella

rockypoolfan

Hello all
Im a nurse on ongoing temporary contracts through an agency. Santander didn't like it as soon as they seen Umbrella.co.uk wrote on my payslip. I've had my mortgage with them for 10yrs too. What options do j have please? Im trying to release some equity for a new car

Isthisforreal99

Makes sense from their perspective. You aren't a permanent employee.

Emmia

I also wouldn't be increasing my mortgage to buy a car, something which has pretty steep levels of depreciation.

Do you not have any cash savings to purchase the car with?

jimjames

They've probably done you a favour. Mortgage to buy a car isn't really a very good idea. Are you sure it wasn't the purpose for the remortgage rather than the income setup?

ACG

Every lender has their own quirks. I do not use Santander often so not sure what theirs are but other lenders are fine with umbrella companies. But you either need to use a broker or check with the lender beforehand. 

As others have said, if you are paying that part of the loan off over 20 years for example, your probably going to have the loan far longer than the car so much be worth seeing if there are alternatives - unsecured loan for example. But what you want to do can probably be done, you have just gone to a lender not ideal for circumstances. 

kingstreet

Santander criteria;-

Umbrella company	We treat your client as self-employed where they are paid through umbrella companies. We don't accept income paid through an umbrella company that isn't declared for UK tax purposes.