More people than ever are working on zero-hour or casual contracts. These are contracts where the business doesn’t guarantee the contractor any hours of work. This can make getting a mortgage more difficult. But it’s certainly not impossible.
Most mortgage lenders, particularly high-street banks, require contractors to be in full-time work. They want a guarantee you’ll have a regular stream of income to meet your monthly repayments. But this viewpoint is changing. With the upward trend in zero-hour contracts there’s now more lenders than ever that specialise in this field - there’s even specialist zero-hour contract mortgages. This means with the right approach, the chances of getting a mortgage are higher than they’ve ever been.
A key part of getting any mortgage is showing lenders you’re ‘low risk’. We know this is harder as a zero-hour contractor, so here are some tips:
Offer a larger deposit: A bigger deposit means lower risk.
Show them your detailed employment history: You may have been with the same company or sector for the last few years. This can show lenders your employment is safe and expected to continue.
Show lenders your earnings: Being on a zero-hour contract doesn't mean you don’t earn good money. You may also have some savings in the bank. This is your opportunity to show lenders you’re a savvy saver and can afford to pay back the loan.
Whatever contract you’re working on we’ve got a specialist broker who can help. Make an enquiry to speak to someone who understands your situation.
We get how it feels when you’re refused a mortgage. We’ve been there. Haysto exists because the mortgage world is broken. If you don’t have a shiny credit rating, you’re self-employed with a complex income, or just don’t fit the mould, the odds are completely stacked against you. We just don’t think that’s fair.
Unlike others, we only work on bad credit, self-employed and complex mortgages. That’s all we do. And we’re up for a challenge.
No robots, no automated answers. We use technology to connect you to a real person. Not replace them.
We only get paid when your mortgage is approved.