Employment status

[enkay4]

Hi all, noobie here both to contracting and the forum.

I'm currently in my first gig with a tier-1 management consultancy who has decided to go inside IR35 - without exception.

I am contracted through an agency who pay me, deduct tax, NI, etc.

My question is about my employment status. The contract I have is a 'terms of engagement for temporary workers'.

I am going to be renovating part of the house soon and will likely need to borrow some money/finance, and I'm unsure what to declare as my employment status; is it 'full-time' (via agency) or something else? Sometimes there isn't a 'temporary' option on these things.

Any help or guidance is appreciated.

[eek]

Use a broker who understands the contractor market and you won't have a problem.

[northernladuk]

Use a broker who understands the contractor market and you won't have a problem.

This. I'd happily recommend Freelancer Financials as they've done all my contractor stuff over the years. I've spoken to them about inside and they are fully versed up on umbrellas and self employed so they've no issues finding products for whatever your situation.

Interesting one to ask them about though. A couple of years ago you could get a mortgage based on your rate even though you were inside which really screws up the affordability issue. It was possible to get a mortgage that your income wouldn't support so ask them about that particularly when you speak to them. Seemed very odd to me at the time but don't know if it's still the case.

[fatJock]

Another +1 for Freedom Financials. Working on something for me at the moment and they’re switched on and very easy to deal with.

[northernladuk]

Another +1 for Freedom Financials. Working on something for me at the moment and they’re switched on and very easy to deal with.

Who?

[enkay4]

Thanks for the input.

I don’t actually have a choice with the agency, they’re the agency that the consultancy uses.

Do Freedom Financials offer one-off advice?

[eek]

Thanks for the input.

I don’t actually have a choice with the agency, they’re the agency that the consultancy uses.

Do Freedom Financials offer one-off advice?

Freelancer Financials do

[northernladuk]

Thanks for the input.

I don’t actually have a choice with the agency, they’re the agency that the consultancy uses.

Do Freedom Financials offer one-off advice?

I think Freedom was an autocorrect. It's Freelancer Financials. I'm sure they will be willing to have a chat. John Yerou used to post on here quite a bit but he's not been around for a bit so just give them and bell and see.

[enkay4]

OK. Thank all for your help.

[Freelancer Financials]

There are always mortgage solutions out there for the flexible labour workforce. But its all about using a mortgage firm who has the technical expertise and contacts in the mortgage industry that can help you. It's down to the mortgage broker to prove you have the means to cover the mortgage from your earnings. If you're a contractor operating through a LTD or Umbrella, Inside or outside IR35, CIS worker, Zero Hour contractor, you need a mortgage specialists.