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Can I get a mortgage working for an umbrella company?
When working through an umbrella company, getting a mortgage can rapidly become very complex. Many questions are raised relating to employment and pay…without satisfactory answers, it could potentially cause the lender to decline your application. Examples of questions that can be raised are:
- Who employs you?
- Why do your payslips not look like that of a typical employee’s payslip?
- Why do your payslips show no tax or the incorrect amount of tax?
- Why are the credits in your bank different to the umbrella company name?
If you cannot answer questions such as these, it is more than likely a lender will not look to proceed. We at Evolve have taken every precaution to assist with these sorts of issues.
- We use overarching employment contracts so it is made clear we are your employer
- Your payslips will contain the invoice amount to the agency or end client and will show below that your gross pay and your Tax and NIC contributions.
- Evolve payslips show the correct level of tax as we do not operate tax planning or loan scheme models
- Payments are made directly from Evolve Contract Services, the name of the company you are employed by as we do not operate loan scheme or offshore models.
Being a contractor and getting a mortgage isn’t as easy as popping into your local bank and requesting one. Amongst other things, you have IR35, tax efficiency, simple administration and regular payments that need to be considered when applying. Take comfort in knowing that using Evolve’s umbrella solution and mortgage partners, the most suitable lender and underwriter can be approached to refute any thought of risk with the invoicing process.
Key benefits of Evolves mortgage partners
- Umbrella mortgage specialists
- Free initial appointment
- No obligation quotes
- Access to lenders that provide mortgages for those using umbrella companies