Where's my contract?

[sreed]

I've been contracting for a few years now but all outside-IR35 through my limited co. I'm currently on my first inside-IR35 contract, with a public sector end-client, agency is AMS/PSR and paid through an umbrella.

I'm applying for a mortgage and the bank has asked for a copy of the contract that shows the day rate and start/end dates.

I contacted the agency who said they can't provide any contract as my contract is with the Umbrella. The Umbrella gave me a copy of the employment contract (which seems to be a generic document) doesn't have the day rate or any dates beside the start date) and pointed me back to the agency for a contract which shows the day rate and start/end dates.

All the contracts I've worked have been between the end-client and my ltd.co. so I've never worked through an Umbrella before and have no clue who might be wrong above.

Is it the Umbrella or the Agency that can provide me the contract showing the day rate and start/end dates?

[SueEllen]

The umbrella is your "employer" so ask them for the exact information what the bank has asked you for. Though they may not give you a copy of a "contract".

[sreed]

The umbrella is your "employer" so ask them for the exact information what the bank has asked you for. Though they may not give you a copy of a "contract".

Thanks, much appreciated.

I probably just had bad luck with the agent responding to my query or they misunderstood it, I'll try again. I can't be the first contractor that's asked them for this.

[Lance]

why not provide your employment contract, payslips and accompanying timesheets?

The actual contract between agency and umbrella may not be forthcoming as it's none of your business.

[sreed]

why not provide your employment contract, payslips and accompanying timesheets?

The actual contract between agency and umbrella may not be forthcoming as it's none of your business.

Much as I'd like to do that, unfortunately it's not my decision to make as to what documentation the bank will accept. They need some documentation (they're terming it a 'contract') that has my name, shows the day-rate and the start/end dates for the current contract.

[Lance]

Much as I'd like to do that, unfortunately it's not my decision to make as to what documentation the bank will accept. They need some documentation (they're terming it a 'contract') that has my name, shows the day-rate and the start/end dates for the current contract.

perhaps you should not have told them you're a "contractor".
For their purposes you aren't. You're an "employee" and have payslips to prove it.

[sreed]

perhaps you should not have told them you're a "contractor".
For their purposes you aren't. You're an "employee" and have payslips to prove it.

As per my mortgage broker, with reference to mortgage lending, day-rate contractors operating through an Umbrella company are treated very differently to PAYE salarymen. I wouldn't ever try to commit application fraud (intentionally misleading a lender on an application for credit) and in any case, any mortgage broker or underwriter worth their salt would pick up that I was a contractor when they saw that my "employer" is a large Umbrella or did any sort of due diligence on the applicant.

[Lance]

As per my mortgage broker, with reference to mortgage lending, day-rate contractors operating through an Umbrella company are treated very differently to PAYE salarymen. I wouldn't ever try to commit application fraud (intentionally misleading a lender on an application for credit) and in any case, any mortgage broker or underwriter worth their salt would pick up that I was a contractor when they saw that my "employer" is a large Umbrella or did any sort of due diligence on the applicant.

who said you should commit fraud?

Are you an employee? Yes.
Can you prove it with 3 months of payslips? Yes.

Due diligence on a basic mortgage check? Have you gone mad? They do ability to pay checks (because they have to by law), which are more about your debts, income and outgoings than your employment status.

[fulcon]

The umbrella, rather than the agency, should be able to provide this information to you. Both of the umbrella companies I've used call the information 'Assignment Details' and it was provided to me without asking for it. My current brolly sends an updated copy automatically at renewal.

[sreed]

who said you should commit fraud?

Are you an employee? Yes.
Can you prove it with 3 months of payslips? Yes.

Due diligence on a basic mortgage check? Have you gone mad? They do ability to pay checks (because they have to by law), which are more about your debts, income and outgoings than your employment status.

As I said, lenders do not consider a day-rate contractor employed through an Umbrella company the same as a perm PAYE employee. They are treated very differently.

No I've not gone mad. Any regulated lender in the UK will indeed do due-diligence on a mortgage applicant's income (and by extension the type of income) before lending them any new money. Perhaps they didn't prior to the GFC, but they certainly do now. At least, that's been my experience.