Mortgage choices when working through Umbrella

[WHoSaidthis]

Switched to Paystream (Umbrella scheme) about 2.5 months ago..going great. Still contracting at the same end client as I had previously been via my ltd company

When applying for a mortgage , do you pick employed or self employed please?

If employed, how does one calculate their annual salary from your daily rate?

Many thanks

[ladymuck]

Talk to a broker! But, technically, you're employed by the umbrella. You are not self-employed at all.

I'd go for daily rate * 220 days.

[northernladuk]

I spoke to John Yerou at freelance Financials about this last year. He said they can still get mortgages based on day rate even if you are with a brolly.

Just be wary though. The amount you can afford will be less via a brolly ofc.

[lucyclarityumbrella]

As everyone has said it depends on the lender, best to have a broker experienced in contractor mortgages.