Many people might consider it to be impossible to get a mortgage on a zero hours contract and whilst they could be forgiven for thinking so, it is not necessarily true.

Almost a million people in the UK are now on zero hours contracts according to the Office of National Statistics own Labour Force Survey. Of those that said they were on this type of contract a third of them stated that they worked full-time and nearly half have been with their employer for over two years.

The nature of a zero hours contract means that one’s rights to set hours of work and, therefore, a fixed monthly income are restricted. By their very nature, such contracts are potentially precarious and lenders are understandably cautious when considering applicants on such terms of employment.

There is good news though.

If you use an experienced mortgage broker you may find that as long as you have an otherwise good credit history, there is hope. In order to give yourself the best possible chance, you should do some early preparation. This should include;

  • Get together your P60 for the last year - or two. A lender will want to see regular employment and income.
  • Consider asking your employer for a reference. Anything which helps reinforce your stable employment history can’t hurt your chances.
  • Spend some time getting together payslips, bank statements, credit card statements etc and where possible reduce your monthly household costs to a minimum.

Those of us on zero hours contracts fall into a growing group of individuals sometimes know in the industry as ‘mortgage misfits’. The phrase is a catch all for otherwise creditworthy individuals who don’t fit the main lenders standard criteria. The self-employed also fall into this category.

Contact Mortgage Required on 01628 507477 to see how best we can help you secure a mortgage with a zero hours contract.

Download our Free First Time Buyers Guide

Recent posts

Skipton Building Society launches ‘Delayed Start’ mortgage meaning first time buyers won’t be required to make repayments for the first three months. 

According to a survey by Skipton, first time buyers who bought their home in the last five years found that in the first three months of living there, they were spending upwards of £30,000.

If you have recently moved into a property with a garden that requires a little TLC, or you’d like to get on top of your current green space, check out our tips.

High street lender, NatWest, have launched a new product to help first-time buyers purchase a property with assistance from a family member or friend to get them on the property ladder sooner.

‘Buy Now, Pay Later’ (BNPL) schemes, such as ‘Klarna’ are short-term loans that allow shoppers to make a purchase, but delay paying for it for an agreed amount of time.

Klarna is one of the most popular BNPL services with 18 million customers in the UK alone, and offers interest-free payment options which is appealing to shoppers. However, does it affect a mortgage application?

We look at how to get the best Buy to Let mortgage rate, what's in store going forward, and options as a landlord with increasing costs.

Throughout this past week, lenders have continued to reduce their mortgage rates giving borrowers in the UK some welcome news following the change in global tariffs under US President, Donald Trump.

Did you know that buying a house, or relocating is in the top 10 most stressful life events?

Stress of course is an unavoidable part of life and there are many reasons why people experience stress, not just buying a house!

There are lots of effective ways to manage and reduce stress, check out our tips to help you.

With the stamp duty relief ending in England and Northern Ireland, we have listed the top 10 cheapest areas for first-time buyers as published by Rightmove.