Contractor Income: Umbrella Company
Our standard acceptability
Indicates if we can consider contractor income where the income paid to the applicant is paid via an umbrella company.
Family Building Society can potentially consider contractor income that is paid via an umbrella company.
We would treat income as we would a zero hours employee and look for a history of employment in that industry or role together with sight of the contractor's last two years' P60s or SA302s. Where applicable, we would also take into account deductions for 'employer' National Contributions (where these are paid for by the contractor) and the umbrella company charges when assessing affordability.
We wouldn't consider an application where the contractor has no history of employment in the role or industry.Criteria categories:
- contractor income
07 November 2018