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
There was a 32% increase last year in 100% loan-to-value (LTV) mortgages which are mortgages that require zero deposit. According to a recent report by chartered accountants and business advisers, Lubbock Fine, the reason behind this is buyers simply struggling to save enough for a deposit.
Average savings by age in the UK
2 days ago
Many people are quite private when it comes to what is in their bank account. In this short blog, we look into what Brits have saved by age group.
Research from buy-to-let lender, Landbay, shows that UK landlords are looking at raising rents ahead of the Renters' Rights Bill which is due to come into force this year.
Data shows landlords could miss out on green mortgages due to expired energy performance certificates.
Buying a house is a big deal, and where you are planning to buy will make a difference financially. In this short blog, we look at the most affordable and most expensive areas and how much you need to be earning to buy in there.
Pros and Cons of Equity Release
20 May 2025
Equity release is a type of mortgage that allows homeowners 55 and over to access money from their property's equity without having to leave their home. This is done by securing a loan against the house which is usually repaid by selling the property when the borrower passes away or has to move into long-term care.
Your House Viewing Checklist
19 May 2025
It’s important to ask questions about the property you are interested in before taking that step to make an offer. A little probing can make all the difference between buying your dream house or something that requires a lot of work.
Half of over 60s predicted to benefit from accessing housing wealth through Equity Release
16 May 2025
There are millions of homeowners over the age of 60 who are likely to release money from their homes to pay for their lifestyle during retirement giving those who are 'asset rich but cash poor' a way to live out their retirement the way they wish.
More information
Trusted by
