What Is IR35? | IR35 News | Changes To Your Contracting Status

31st May 2021 / in Contractor Mortgages & Protection Blog / by Gordon Hunter, MD

My status as a contractor has changed: Can I still secure a mortgage?

Through our years of experience, Super Contractors have established great relationships with a large number of mortgage lenders who understand the unique employment status of Contractors.

With the inception of IR35 you may have moved into an employed position or you have had to change your arrangements to an Umbrella Company. or even gone PAYE – but that doesn’t mean you have to go elsewhere for mortgage advice.

So, how do you now calculate your mortgage borrowing power?

If you are outside of IR35 and still contracting as usual then we’d typically use your day rate and this easy formula to give you an example of what you could potentially borrow.

For example, this means a contractor on a day rate of £400 has the potential to raise over £400,000.

The calculation acts as a guide and doesn’t guarantee eligibility for a mortgage.

If however you’ve switched to an Umbrella Arrangement or gone PAYE don’t worry! As a general guide here’s what we’d be looking to obtain in those situations on your behalf with a lender:

  • A signed contract
  • Payslips
  • Consistent basic pay
  • Reputable umbrella company

Knowledge is power and is key to securing a mortgage. By speaking with one of our specialist mortgage advisers at Super Contractors we’ll be able to guide you through your options and hold your hand through the process with our dedicated team, securing the mortgage for your property.

So whatever your employment status is now – if you’re looking for help to secure a mortgage, you know who to signal…

Super Contractors – For contractors, freelancers and beyond!

Freephone 0800 211 8700 or visit our Contact Page

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