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 mortgage 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. Even if they've been with the same employer for years, some zero hours contract workers will still find it hard to get a mortgage.
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 surrounding 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 specialist lenders that 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 our specialist lender confirms the mortgage approval and that they are happy to lend to you, we’ll 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. We aren't just experts in zero hour contract mortgages; we offer financial advice for buyers with adverse credit or a poor credit file, buyers looking for a more favourable fixed term contract, buy to let mortgage applicants, or anyone simply hoping to find monthly repayments with lower interest rates. Whatever you're looking for, we partner with mortgage lenders for every eventuality.