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Can You Get a Mortgage as an Umbrella Employee?

Can You Get a Mortgage as an Umbrella Employee?

by on July 28, 2023

Contracting can be an extremely satisfying way of making a living – contractors have the freedom to choose where and when they work and, for many, the variety of clients brings freedom and fresh challenges with every assignment. However, many contractors tell us that they’re worried about how the sometimes itinerant nature of their work will affect their ability to get a mortgage when they need it. Here we look at why they shouldn’t worry, and how partnering with a compliant, reliable umbrella offers them the reassurance they need.

Bank of England

Recently the Bank of England raised its interest rates for the thirteenth successive time. It now stands at 5% and has impacted on millions of homeowners as their mortgage rates rise. Added to the cost-of-living crisis that we currently find ourselves in, it's a concern both for traditionally-employed people and contractors alike. And some contractors who are considering taking out a mortgage or trying to remortgage to get a better deal have expressed concern that they’ll be unable to do so due to the so-called ‘precarious’ nature of their employment and the strict criteria that lenders use to determine financial viability. 

However, when you choose Payme as your umbrella partner, that’s not the case.


Apart from the wide range of benefits that an umbrella brings to an employment relationship with its contractors, such as prompt, accurate payments, simple and quick registration, low costs and no hidden charges, Payme also offers its contractors the ability to take advantage of specialist contractor mortgages, courtesy of Roots Mortgages.

Because Payme is your employer you have the security that comes with a ‘traditional’ employer, and are entitled to all the statutory benefits such as sick pay, holiday pay, and the ability to pay into a private pension through salary sacrifice. However, you’ll also have the reassurance of a record of continuous employment which is vital for most mortgage lenders who may be wary of self-employed status at best and completely fail to understand contracting at worst. 


Like all mortgage brokers, Roots Mortgages will examine your eligibility to take out a mortgage. This can be difficult if you’re self-employed because most lenders will need at least two and perhaps even three years’ accounts to even consider your application and will want to see all your financial records from over that period. Some may ask for additional evidence of your status and even require extra guarantees or a larger deposit before they agree to the amount you need. 

However, Roots Mortgages is a specialist provider, well-versed in dealing with the complexities of umbrella employees, and has an understanding of your circumstances when other lenders may not.


As an employee of Payme, you can quickly and easily access all your payslips and reconciliation statements via your personal portal account so you can provide proof of both your employment and your salary to any lender. Roots Mortgages will then take this information and convert it into ‘tangible affordability’ information which they can supply to lenders, giving them clear and concise evidence of your ability to repay any money you borrow and which will enable them to calculate how much they’re willing to lend.

You’ll also need your P60, which we provide at the end of every year as a matter of course and which, again, is stored in your secure My Portal account for ease of access.  

The way we work today has changed and continues to evolve. That’s why we here at Payme provide contractor solutions to employment problems. And it’s also why we partnered with Roots Mortgages – because together we understand the difficulties contractors face as they try to maintain the demands of a changing workplace and a lending ethos that hasn’t kept up.  

You can find out more information about Roots Mortgages here. Or if you’d like to speak to one of our specialist customer service team for more information you can call us on 0333 200 0845. You can also email us at or fill in the form here.