Contract Workers Mortgages

Contract Workers Mortgages Livingston

​As we see more and more people taking up work as a “contractor” it begs a more frequent question about can I still obtain a mortgage. The answer is Yes with the correct advice and guidance. Lothian Mortgage Services comes with a wealth of experience with dealing with all different types of contract workers. Please get in touch today for a free no obligation discussion 

Types of contract workers

  • Umbrella Companies
  • Agency Workers
  • Employed fixed contract and short term contracts
  • ​​Zero Hour Contracts
  • Self Employed

Examples of Contract workers

  • People who are paid and taxed by a recruitment company on short term contracts.
  • Sole Traders that are self-employed and submit self assessment forms to Inland Revenue’
  • Limited companies are often sole traders whose business income and turnover has made it beneficial for tax reasons to set up a Limited company.
  • Umbrella Company often a sole trader who for tax purposes use the Limited company for tax efficiency but are paid and taxed by a third party the “umbrella company’.
  • Zero Hour contract workers a large percentage work in the hotel and catering services and the
  • Health Service. Often this is the chosen way to earn a living due to the flexibility of hours and in
many cases people have been working for the same company for more than one year.
lf you are in one of the above categories and wish other information please don’t hesitate to
contact me by email, phone or filling in our ​enquiry form.

Recent case with a Contract worker.

Miss A was working as a contract worker through an Agency for the past 2 years in that time she has worked for 2 different companies. Her latest employment started 3 months past and due to her increased salary she was advised to use an Umbrella company for her pay and tax.
Many lenders will treat the Umbrella company as a Limited company in which case you would need to be trading for a full 12 months. We were able to place this business on a competitive fixed rate as the lender accepted that Miss A was ln fact continuing as a contract worker.