If you are looking for a mortgage and are on a zero hours contract, it is still important to demonstrate a consistent track record of income where possible.
More lenders are getting in tune with this. The general requirement is that they will need to see at least a 12-month track record and you can therefore use your P60 or last 6-12 month’s payslips to work out the income to be assessed.
Lenders are traditionally looking to see a two-year proof of steady income, payslips and P60s. However, certain lenders may now be satisfied with more limited credentials. For example, a 1-year track record of income from the same employer, and a single P60. It depends on the individual lender. This is in response to certain lenders’ increasing awareness of changing work patterns. Zero hours contracts, flexible hours and the ‘gig economy’ are giving rise to a new kind of worker, with new earning patterns.
We understand that without a standard monthly salary the mortgage market can be hard to navigate. This is not just in terms of borrowing level, but type of mortgage, interest rate, term and fees.
A mortgage is such a large financial commitment. Your loan affordability is carefully scrutinised by the lender. Those with a zero hours contracts can find this quite a painful process. Rose Capital Partners eases this pain for you.
We can advise you on which lender is the most appropriate for you, depending on the level of borrowing you are looking for.
We work for you to present your case to the most suitable lender for a positive outcome for you and your family.
As you can see above, if you are on a zero hours contract, you may need more help to be approved for a mortgage.
We specialise in this area, so would encourage you to speak to one of the The Team. Rose Capital can advise you on what your options are before progressing too far with an application. This will ensure you get a smooth experience when applying for your mortgage.
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A fee of up to 1% of the mortgage amount may be charged depending on your circumstances (ie. £1000 on a £100,000 mortgage). A typical fee is £495 plus we will receive commission from the lender.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Rose Capital Partners Ltd is an appointed representative of PRIMIS Mortgage Network, a trading name of Advance Mortgage Funding Limited which is authorised and regulated by the Financial Conduct Authority. The Financial Conduct Authority does not regulate some forms of Buy-to-Let. The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. Rose Capital Partners Ltd. Registration No. 08843654 registered in England and Wales. Registered Address, Leigh Saxton Green, Clearwater House, 4-7 Manchester Street, London W1U 3AE.