Zero Hours Contract Mortgages
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A zero hours contract is all about flexibility.
It’s an agreement where you work under certain conditions and pay, but there’s no promise from the employer about how many hours you’ll get. And you don’t have to say yes to every job they offer you.
They might give you a few hours of work regularly, but they can change how many hours you work based on whether it’s busy or slow.
Can I get a mortgage if I am on a zero hours contract?
Yes, mortgages are available for people on zero hours contracts.
Generally speaking, you’ll need to have been employed on a zero hours basis for twelve months before lenders will accept the income. This is because your hours can change week to week and month to month, so they need a full year to get a more rounded idea of your annual earnings.
How much deposit do I need for a mortgage if I am on a zero hours contract?
Being on a zero hours contract doesn’t necessarily mean you need a bigger deposit. As little as 5% of the purchase price could be enough. More may be required depending on other personal circumstances.
How much can I borrow?
That also depends on personal circumstances. Lenders have to do an assessment of your income and expenditure first. There isn’t a set calculation; in fact, every lender uses a different one! That does mean you might be able to borrow more with one lender than with another.
Can I get a mortgage on a zero hours contract if I have bad credit?
It might be more challenging, but it’s possible.
We’d need to know what the bad credit is (e.g. a missed payment or a default), how much it was for, and when it happened. Getting a copy of your credit report would be useful.
The older the bad credit is, the less likely it is to have an impact.
How can The Mortgage Store Chorley help with zero hours contract mortgages?
Looking for a mortgage but worried because you’re on a zero hours contract? Don’t panic!
At The Mortgage Store Chorley, we specialise in helping people just like you. We understand the unique challenges that come with zero hours contracts, and we’re here to find the right mortgage solutions tailored to your needs.
Whether you’re buying your first home or looking to remortgage, we’ll guide you through the process step by step, making it simple and stress-free. Contact us today to get started!
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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