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Tony Harris · 11-12-2009, 06:19 PM

You really have to be upfront with the lenders and declare your contractor status Jimbo as the alternative is that you could be applying for a mortgage having inadvertantly given false employment information and could even be accused of trying to committing mortgage fraud.

The EBT is obviously just a payroll/payment solution - they dont decide where and for how much you work for etc and they pay no employee benefits (nor do you want them to as thats the trade-off you have accepted all these years).

Your payslips will in turn show a tax efficiently low level of salary via PAYE and this will obviously flag up to the lender that you are not an employee in the true sense of the word.

The contract-based mortgages that we have helped negotiate over the past 10 years rely simply on you providing a copy of your CV (easy to provide), bank statements (which you will have) but crucially you will also require a contract with your name on it. In many cases this is where you may struggle because the contracts that are constructed by EBT solutions will often purposely not feature your name on the contract. It could thus be very difficult to tie you to your contract for mortgage purposes.

I think the first step will be to look at the details on your contract to see whether your name appears in which case we can use the 'contractor mortgage' route otherwise it may be a case of approaching your existing bank instead. Your own bank will have been able to see regular income over the past 5 years and could therfore be far more accomodating re the lack of traditional income proof or personalised contract.

11-12-2009, 06:19 PM	#3 (permalink)
Tony Harris Expert In His Field User type: Freelance services provider Join Date: Mar 2009 Posts: 7 Thanks: 0 Thanked 0 Times in 0 Posts	Contractor Mortgage You really have to be upfront with the lenders and declare your contractor status Jimbo as the alternative is that you could be applying for a mortgage having inadvertantly given false employment information and could even be accused of trying to committing mortgage fraud. The EBT is obviously just a payroll/payment solution - they dont decide where and for how much you work for etc and they pay no employee benefits (nor do you want them to as thats the trade-off you have accepted all these years). Your payslips will in turn show a tax efficiently low level of salary via PAYE and this will obviously flag up to the lender that you are not an employee in the true sense of the word. The contract-based mortgages that we have helped negotiate over the past 10 years rely simply on you providing a copy of your CV (easy to provide), bank statements (which you will have) but crucially you will also require a contract with your name on it. In many cases this is where you may struggle because the contracts that are constructed by EBT solutions will often purposely not feature your name on the contract. It could thus be very difficult to tie you to your contract for mortgage purposes. I think the first step will be to look at the details on your contract to see whether your name appears in which case we can use the 'contractor mortgage' route otherwise it may be a case of approaching your existing bank instead. Your own bank will have been able to see regular income over the past 5 years and could therfore be far more accomodating re the lack of traditional income proof or personalised contract.