Contractor Income: Umbrella Company

Our standard acceptability


Criteria definition:

Indicates if we can consider contractor income where the income paid to the applicant is paid via an umbrella company.

Policy Notes:

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.

Warning Notes:

We wouldn't consider an application where the contractor has no history of employment in the role or industry.

Criteria categories:
  • contractor income
  • income

Last updated:

07 November 2018