If you are a day rate contractor working in the financial services, IT or any other industry you may have found it difficult to obtain a mortgage or been told you need a specialist mortgage. This doesn’t need to be the case.
There are numerous ways in which we can place your mortgage, you will typically fall into 3 categories as far as mortgage lenders are concerned:
- Day Rate/Fixed Term Contractor
For the past few years, many people have chosen to take advantage of the tax benefits of setting up their own LTD company and managing their own taxes.
IR35 Tax Legislation changes meant that the majority of day rate contractors could no longer manage their taxes via their own LTD Company. This means they need an ‘Umbrella Company’ to facilitate the receiving, taxation and payment of income.
This can make it more difficult to obtain a mortgage as effectively you’re employed by the Umbrella Company on a 0 Hour Contract.
We have a proven track record of arranging mortgages for Day Rate Contractors. Some of our lenders will use your Day Rate and some will use the Gross income from your Payslips received from the umbrella company.
Don’t let the confusion stop you getting a mortgage. We’re here to help.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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