Paid through an umbrella? Borrow on the gross, not the leftovers.
An umbrella payslip strips out employer costs and a margin before you see a penny — so high-street lenders undervalue you. We use lenders who read umbrella income properly and assess your gross contract value.
The umbrella income lenders misunderstand
Umbrella contractors are employed by the umbrella company, which issues PAYE payslips after deducting employer National Insurance, the apprenticeship levy and its own margin. To a lender unfamiliar with the model, that can look like low or unstable income — when in reality your gross contract is strong.
The fix is placement. Specialist lenders either assess you on the gross value of your contract, or treat your umbrella payslips like an employed salary. Both routes recover the borrowing a naïve “temporary worker” assessment would strip away.
Gross contract beats net payslip
Gross annualised at 5 days × 46 weeks: £92,000
Indicative borrowing at 4.5×: ≈ £414,000
Assessed on net take-home, the figure would be far lower. Assessed on gross contract value, it reflects what you really earn.
Documents you’ll typically need
- Three to four recent umbrella-company payslips.
- Your current contract showing the gross rate.
- Three to six months of personal bank statements.
- Proof of deposit, identity and address.
Estimate your borrowing
Enter your gross day rate — the figure before the umbrella’s deductions — to see what it could support.
Lenders that understand umbrella income — a selection
Umbrella mortgages, answered
Can I get a mortgage as an umbrella company contractor?+
Yes. Umbrella contractors are assessed much like employed applicants, using recent payslips, or on the gross value of the underlying contract. The key is choosing a lender that understands umbrella payroll rather than mistaking you for a short-term temp.
Why do some lenders misread umbrella income?+
An umbrella payslip shows gross pay after the deduction of employer costs and the umbrella’s margin, which can look lower or more complex than a standard salary. Lenders unfamiliar with the model sometimes undervalue it; specialist lenders read it correctly.
Should I be assessed on payslips or on my contract?+
It depends on which gives the stronger figure. Newer umbrella contractors with a high day rate may do better assessed on gross contract value; those with a steady payslip history may prefer the employed-style route. An adviser compares both.
How much umbrella history do I need?+
Often just a few months of payslips, sometimes alongside evidence of continuous contracting before the umbrella. Lenders care about income continuity more than the exact payroll vehicle.
Is umbrella income treated as employed or self-employed?+
Technically you are employed by the umbrella, so many lenders assess you on an employed basis using payslips — which can be simpler than a self-employed assessment. Others use the gross contract route. Both are open with the right placement.