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Specialist zero hour contract mortgage advisors.

Worried about what your zero hour contract means for your mortgage ambitions? Our specialist team of advisors is here to take away the stress.

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.

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Finding The Best Zero Hour Contract Mortgage Deal For Your Circumstances

If you’re on a zero-hour contract, it can feel exhausting trying to find a mortgage lender who will accept you. It’s dispiriting and disappointing – especially when you know your work and income are highly stable.

The good news is that many lenders think differently and won’t let your employment contract, or lack thereof, stop them from considering your mortgage application. When the Bank Says No can help you identify who these specialist lenders are and put yourself in the best possible position for approval. With us, zero-hour contract workers shouldn’t have to put on hold their future homeowner plans on.

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Zero stress, even with zero hours.

Getting a mortgage with a zero-hours contract can seem impossible. Don’t worry; it’s really not. Our friendly, approachable team of specialist mortgage brokers have helped people in all kinds of casual work access the finance they need to buy their home. We understand that everyone’s story is unique, and are on a mission to remove any potential barriers from standing in the way of you, mortgage approval, and your plans.

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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!

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In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.

What is a zero-hour contract mortgage?

A zero-hours contract mortgage is aimed specifically at those who effectively don’t have a full-time employment contract. Being an employee without a full-time contract means that you can have uncertainty surrounding your zero-hour contract income, with fluctuation in your monthly earnings and working hours, potentially making mainstream lenders reluctant to lend to you.

While you may think that being on a zero-hour contract automatically rules you out of getting a mortgage, this is not always the case. Some lenders recognise that employment trends have changed and more and more people are working without a full-time contract — some even earning far more than someone who has a full-time contract — and it, therefore, makes sense for them to offer mortgages for people on zero-hour contracts.

Can I get a mortgage with a zero hour contract?

If you have a zero-hour contract of employment, you will, unfortunately, find your mortgage options are more limited. Even though some lenders will automatically consider you ineligible, other lenders will feel differently.

Thankfully, many specialist lenders understand that employment contracts vary considerably and that this type of contract doesn’t necessarily mean you earn less or mean you don’t manage your money consistently and responsibly. As a result, there are mortgage deals out there perfectly suited to your situation. And, with an expert team of mortgage advisors on your side, you’ll soon learn exactly where they are. Give us a call today!

Turning Your Nightmares Into Dreams

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When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.

Why is it more difficult to get a mortgage with a zero-hour contract?

Zero-hour contracts are non-legal employment agreements that do not guarantee any hours of work. Instead, work is offered when it arises, and can either be accepted or declined. Essentially, it is a casual type of employment, and it is this casual nature that can make some lenders wary. Not only are hours not guaranteed, but neither is the work itself. For that reason, people on zero-hours contracts can find their income varies substantially from month to month.

For lenders trying to work out your affordability, this can cause complications. What they want to understand is whether you can afford repayments month to month. The uncertainty surrounding zero-hour contracts can leave lenders feeling uneasy about providing you with the loan you need to buy your home. Don’t worry. Not all lenders are the same, and we’re here to show you the way to those who understand your lifestyle and that being one of over 1 million zero-hour workers in the UK should not hold your ambitions back.

What deposit will I need for a mortgage on a zero hour contract?

If you can drum up a larger deposit, this can do wonders to reduce the overall risk you pose to the mortgage lender. However, a large deposit isn’t the be-all-and-end-all, and there is likely to be a lender out there you will accept you with a standard deposit. Even if your deposit is smaller than average, it’s not necessarily a no. In fact, we’ve worked with a range of lenders who provide mortgages with 5% deposits. It just comes down to doing your research and staying informed – something our specialist mortgage brokers are here to help you with!

Frequently Asked Questions

Why is it more difficult to get a mortgage with a zero hour contract?

Zero hour contracts are non-legal employment agreements that do not guarantee any hours of work. Instead, work is offered when it arises, and can either be accepted or declined. Essentially, it is a casual type of employment, and it is this casual nature that can make some lenders wary. Not only are hours not guaranteed, but neither is the work itself. For that reason, people on zero hours contracts can find their income varies substantially month to month.

For lenders trying to work out your affordability, this can cause complications. What they want to understand is whether you can afford repayments month to month. The uncertainty surrounding zero hour contracts can leave lenders feeling uneasy about providing you with the loan you need to buy your home. Don’t worry. Not all lenders are the same, and we’re here to show you the way to those who understand your lifestyle.

Mortgage lenders are looking for consistency and stability, so evidence of working in the same field for a long time, often with the same employer, will help with this. It’s important to remember that lenders are human and understand that everyone’s lifestyle is different and a zero-hours contract is not that uncommon these days.

Demonstrating the sustainability of your income in this manner is highly likely to impact how they quantify your level of risk. More than that, they will be more comfortable prospecting that your work is secure and likely to continue.

A poor credit score and a zero-hour contract aren’t the most ideal combination, but that’s not to say you’ll be declined. Certain lenders specialise in lending to bad credit applicants, and many are also amenable to those with temporary and zero-hour contract employment.

The situation may rule out some high-street lenders who prefer to deal with more standard applicants, but there are options out there and some of them might be the right fit for you. Contact our mortgage experts today and we can talk through your credit report in detail and figure out the best way to approach your mortgage application.

It all depends on the type of benefit you receive and how long you’ve been in your zero hour contract. For example, if you receive disability living allowance for a child, a lender would likely not use this income in their affordability calculations because this is not intended for you personally. However, they may consider using child benefit payments.

Speak to your mortgage advisor about what types of incomes you have and we can help formulate a plan of action and identify the right lenders for you.

If you can drum up a larger deposit, this can do wonders to reduce the overall risk you pose to mortgage providers. However, a large deposit isn’t the be-all-and-end-all, and there is likely to be a lender out there who will accept you with a standard deposit.

Even if your deposit is smaller than average, it’s not necessarily a no. While some mortgage lenders may require a deposit of around 10-15%, smaller percentages are not unheard of. We’ve worked with a range of lenders who provide mortgages with 5% deposits. It is possible to qualify for competitive rates when you only have a small deposit, it just comes down to doing your research and staying informed – something our specialist mortgage brokers are here to help you with!

Most lenders like to see 12 months history in your current job before approving your mortgage. They will often use an average of your hours over the past 12 months to work out your affordability. This is an important process for lenders, because it allows them to see that your income is sustainable over the course of a year. If you haven’t worked in your zero hour contract for a year, it’s not necessarily the end of the world, you just may face increasingly limited options. With an expert team on your side, we can scour the market for appropriate solutions. More things are possible that you think!

As much as a zero-hour contract mortgage can be difficult to secure, they nonetheless are becoming more and more in demand because the percentage of people employed on zero-hour contracts is increasing. Estimates suggest that around 3.2 per cent of all workers in the UK are on zero-hours contracts, compared to just o.4 per cent in the mid-2000s (Source: Statista).

The key to securing any type of mortgage is to demonstrate to lenders that you are not a high risk. While some lenders will simply view you as too high-risk because of your lack of a full-time employment contract, other lenders will be willing to look at other factors to determine your suitability for a mortgage.

Having a long employment history with no gaps, often in the same industry or with the same employer, can be beneficial to your application. If you’ve only recently started a new role, this can be a concern for some lenders, so it may make sense to put off applying until you’ve been in your role for sufficient time.

If you have a senior role or a profession that requires particular skills or qualifications to do that job, this can be viewed more favourably. That said, as long as you can demonstrate you’ve had consistent work in a specific field over many years, this will help your mortgage application.

Working a zero-hours contract does not mean you don’t bring in a decent income. If you can demonstrate your earnings, plus any savings you put away each month, this will bolster your chances of success and finding a good mortgage deal.

Most lenders like to see 12 months’ history in your current job before approving your mortgage. They will often use an average of your hours over the past 12 months to work out your zero-hours contract income, and therefore affordability. This is an important process for lenders because it allows them to see that your income is sustainable for a year.

If you haven’t worked on your zero-hour contract for a year, it’s not necessarily the end of the world, you just may face increasingly limited options. With an expert team on your side, we can scour the market for appropriate solutions. More things are possible than you think!

Professional zero-hour contract mortgage guidance.

When the Bank Says No is a team of specialist advisors with years of experience helping people with zero-hour contracts make their property-owning dreams come true. We don’t get put off by complicated histories, adverse credit or non-standard modes of employment. The whole market mortgage brokers and independent, we support and guide people all over the UK towards the right mortgage deal for them.

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