Umbrella Company Contractors
Can specialist brokers get mortgages for umbrella company contractors?
Specialist contractor mortgages broker Tony Harris has been getting contractors mortgages for years without them having to produce three years worth of accounts as a high street bank would ask for. He can also get the offer based on their daily rate rather than a multiple of their Director’s salary.
He started with getting mortgages for IT Contractor more than ten years ago. Previously contractors found it difficult to get mortgages because they didn’t have regular monthly income like a permanent employee.
However, Tony talked a lender into taking a chance and give contractors mortgages. The contractor paid up their mortgages monthly and didn’t default.
This gave Tony greater credibility with the lenders. So, he was able to get more and more mortgages for contractors. This has benefitted many, many contractors in the last 10 years.
However, can he also get specialist contractor mortgages for Umbrella Company contractors? We put it to him.
We asked “Tony, do you cater for Umbrella Company contractors as well as Limited Company contractors? What info do they have to supply and is easier or harder to get them mortgages?”
He replied “We use a multiple of contracts irrespective of whether you are a ltd company owner or if you contract through an umbrella company.
“The only difference is that additional evidence is needed to support your application by way of your payslips. It is no harder to secure a mortgage for umbrella company contractors, as long as you have a signed copy of your current contract”.
So it looks as if those specialist contractor mortgages are available to Umbrella Company contractors just as easily as they are to Limited Company contractors.
To get further information or to apply for a mortgage, fill in a form here and Tony will get back to you:- Contractor Mortgages