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Zero-hour contract mortgages

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A zero-hour contract mortgage is a home loan specifically for those who don’t have a full-time contract of employment but do have a zero-hour contract. Getting a mortgage on a zero-hour contract can be tricky depending on your situation, as many mortgage lenders require more stable income to approve applications. But the good news is that every lender is different in who they do and don’t approve for a mortgage, and there are lenders happy to lend to people on zero-hours contracts.

Most lenders require a minimum of 12 months working in the current position for most employment sectors. If you have been working in your industry for a long time, there may be lenders more willing to consider your application than if you have just started. Your employment history can be a crucial piece of information and it’s often where lenders start. Those in certain professional positions such as doctors / nurses / barristers etc. may be approved with a shorter history than others.

It’s possible to access the same deals that a full-time contracted worker would have. Each lender has its own criteria and the way they assess applicants can be completely different. For instance, some lenders will require you to have 18 months of consecutive payslips, whereas other lenders only require 3 months of payslips.

Lenders also need to be confident that you’re able to afford the mortgage you’ve applied for. Just because you work on a zero-hour contract, it doesn’t mean you’re not earning a respectable income. More importantly, showing savings in the bank each month can work wonders for your application.

If you are on a zero hours contract and are looking into the possibilities of getting a mortgage, contact Asset Harbour on 01276 986333