Getting a mortgage with a zero hours contract
There has been a lot of talk in recent years regarding the struggles faced by those on zero hours contracts, especially the challenges they can encounter when trying to secure a mortgage or remortgage deal.
Most lenders need to see extensive evidence of a stable source of income before they will consider a mortgage application. But, because zero hours workers are never guaranteed a minimum number of hours per week or month, and are only paid for the hours they work, they are often looked upon less favourably by mortgage providers.
It is harder to get a zero hours contract mortgage, but it’s certainly not impossible. It all comes down to finding a provider with more flexible lending criteria. This is where CLS Money can help.
The two things that will help you secure a mortgage when it comes to a zero-hour contract are knowledge and options. Our knowledge comes from reviewing your situation, including your current zero hours contract, working history and details surround credit or anything else that might be relevant. The information gathered allows us to carry out a search against the whole of the UK mortgage market, this is where we have options. This extensive market research will provide us with a list of lenders who can accept your specific situation.
We’ll approach the best possible lender with your case. Because we’ve worked with many zero hours workers in the past, we know which companies are likely to provide zero-hour contract mortgages, which ultimately increases the chances of your offer being accepted, especially when you let our advisors manage the application on your behalf.
We will put together a strong application to present to the lender. They will be more likely to accept your zero-hour application this was, as opposed to declining your case just from the face value as it is not backed with documents and figures to help persuade an underwriter that you are a great client to lend to.
Once the lender has confirmed that they are happy to lend to you, we’ll also work with all the relevant parties, to make sure your application goes through quickly and efficiently.
Contact our team today to learn about the various mortgage options available for zero hours workers.
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