Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.
Finding The Best Agency Worker Mortgage Deal For Your Circumstances
Working for an agency, being on temporary or zero hours contracts, and trying to find a mortgage can be exhausting. You may have worked for years with your current agency generating a stable income – an income that may even be higher than for an equivalent permanent role!
If this is the case, facing a reduced number of mortgage deals and the misgivings of lenders is frustrating. Despite the temporary contract situation, your income and employment may be stable, but mortgage lenders just can't seem to see that!
When the Bank Says No is a team of mortgage advisors who specialise in helping agency workers and those on a temporary contract get a mortgage. We take the hassle and fear out of the mortgage process and find the approval you've been looking for, every time.
Whilst there may be fewer options open to you as an agency worker, there are definitely lenders out there who understand your situation and don’t see your lifestyle or temporary worker status as a risk.
Some lenders specialise in providing finance to those on temporary contracts, so it’s really just a question of approaching the right lender first. We can help you with this! Our team of expert mortgage advisors have worked with agency workers in all sorts of sectors, guiding them through the mortgage application process and finding the right deal for their circumstances.
If you want to start your mortgage journey, contact us today! With us, the length of your contract doesn’t have to impact your mortgage.
Why is it more difficult to get a mortgage as an agency worker?
When considering your mortgage application, lenders are looking for evidence of regular income. Essentially, they want to ensure that you will consistently be able to meet the monthly mortgage repayments.
If you are an agency worker, it is inevitable that hours of work will fluctuate and your income varies more than someone who is in full-time employment. As a result, it may be difficult for you to get mortgage approval as you could be perceived as high risk and affordability might be considered a problem.
However, lending policies vary, and not all lenders will feel the same way about your lifestyle. Also, if you have worked with your current agency for 12 months or more, this will help demonstrate that your employment is sustainable and a source of reliable and consistent income.
Ideally, you'll be able to demonstrate that you don't have an employment gap, or any gaps are kept to a minimum. There are some lenders who are more lenient and will permit gaps of up to 6 weeks between contracts, so don't despair if your employment history isn't as consistent as you might like.
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How much difference does the type of contract make to my chance of getting a mortgage?
Some specialist lenders are happy to consider people with different types of the employment contract but some will only deal with those with fixed-term contracts. Doing agency work on a short-term, seasonal, probationary, or zero-hours basis can be problematic for some lenders but thankfully not all.
Speaking with a specialist mortgage broker from When the Bank Says No will increase your chances of finding a lender who can accommodate your particular employment contract situation and give you the best chance of securing the mortgage deal you are seeking.
Will I need a larger deposit for a mortgage as an agency worker?
Agency worker or not, a larger deposit means a lesser risk to the lender, dramatically increasing your chances of approval. Since many lenders perceive agency workers as posing more risk than your average applicant, amassing a larger deposit (in the region of 20%) may do something to mitigate this.
However, being an agency worker doesn’t mean you have to have a deposit as big as this to buy a property. In fact, if you have worked with your agency for 12 months or more and can prove your financial responsibility through excellent budgeting and money management, you may even be able to access 95% loan-to-value mortgages.
Yes, anything that can demonstrate sustainability in your line of work is helpful. Working in a similar role, especially with the same agency, for a number of years can increase the number of lenders who will consider you and consequently the number of mortgage deals you are eligible for as a temporary worker.
For guidance bespoke to your lifestyle, don’t hesitate to contact our friendly team. We’ll get to know your personal circumstances and identify suitable mortgage providers from across the market that fit the bill. We’re here to make your mortgage application much simpler, even if you are a temporary worker.
Bad credit and a lack of permanent employment isn’t ideal, but neither is it the end of the world. You may, unfortunately, find that the number of options you have is quite limited. For a mortgage lender, an agency worker is already high risk, and adding bad credit to that situation is not going to help things!
However, there are mortgage solutions out there for people in your situation – so don’t stress. The right path for you will depend upon the severity of your bad credit and how long ago the bad credit incidents took place.
If you’re concerned about your prospects as a temporary contract worker, contact us with your credit report handy and a specialist mortgage broker from our team can talk through what your options might be. There are plenty of specialist lenders out there who may still consider you despite your adverse financial history – and we can help you find them!
It might! If a lender has some concerns about your employment history but sees you have a permanent job starting within the next 3 months, this will mitigate the risk you pose to them as an agency worker. If you have an offer but don’t have it formally in writing yet, it might be worth chasing this up so you can prove it in your application.
Switching from a temporary contract to a permanent one isn’t essential though, and many lenders will still consider you, even if you work through an agency – particularly if you’ve worked with the same one for a long time. If the lifestyle suits you, don’t feel you have to compromise it to get a mortgage; there are other options. Our specialist lenders can assist you in finding a mortgage that fits your circumstances – now and in the future.
Agency Worker Mortgage Calculator
Mortgage advice & support for agency workers.
When the Bank Says No has helped people all over the UK find the right mortgage for them – regardless of their mode of employment. Our friendly team are here to show you that working through an agency and being a contract worker doesn't have to be a barrier to the home of your dreams.
Even if you have a small deposit or an adverse credit history, there are still options. We'll take the time to understand every aspect of your circumstances before getting to work identifying the most appropriate deals for you. With us, buying a house as an agency worker has never been easier!
Finding the right fit for your mortgage as a temporary worker.
You may be fearful that working through an agency is going to get in the way of your homeowning plans. We're here to take away those worries, and prove that it is possible to get a mortgage on a temporary contract. Scouring the market for mortgage lenders who understand your lifestyle, we'll help you access highly suitable deals with terms that work for you.
Let's get the ball rolling.
We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!
Your home may be repossessed if you do not keep up repayments on your mortgage.
When The Bank Says No is a mortgage broker, and not a lender. There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 2% but a typical fee is £995.
When The Bank Says No is a trading name of Alder Rose Mortgages Limited whome are directly authorised and regulated by the Financial Conduct Authority under FCA No. 923776.
Registered office address: Oak House, Sutton Quays Business Park, Beechwood, Sutton Weaver, Runcorn WA7 3EH. This site is intended for UK customers only. Company Registrations no, England and Wales 11443964.
The Financial Conduct Authority does not regulate some forms of buy to let mortgages.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. Think carefully before securing other debts against your home.