Mortgage - Zero Hours Contract

[surveyor]

The daughter is growing up fast, doing well at work and in a relationship.

She works in Bar, and has now been promoted to Assistant Manager, but still on a Zero Hours Contract. She comfortable with this as a) she works more than the typical 35 hours week and b)even in this climate would be able to pick up another job easily.

They are now saving for a house deposit, and there is some concern that a Zero Hours Contract is worthless in the eyes of a lender.

A few years ago I'd have been in agreement - but I'm wondering in the light of changing times whether lenders views have changed?

Anyone know?

[bennno]

surveyor said:

The daughter is growing up fast, doing well at work and in a relationship.

She works in Bar, and has now been promoted to Assistant Manager, but still on a Zero Hours Contract. She comfortable with this as a) she works more than the typical 35 hours week and b)even in this climate would be able to pick up another job easily.

They are now saving for a house deposit, and there is some concern that a Zero Hours Contract is worthless in the eyes of a lender.

A few years ago I'd have been in agreement - but I'm wondering in the light of changing times whether lenders views have changed?

Anyone know?

Ive never had a lender ask to see a contract of employment, how long has she been in her current job?

if its 6months or ideally 12 months + then they will just look at income from bank statements.

[paddy1970]

She can still get a mortgage, but proof of consistent income over time is crucial. Some lenders will be fine with it, especially if she has 12+ months of steady payslips. A broker would be a good move to navigate the best options.

[surveyor]

3 years to date, but probably only 8 months full time. Mind you they have some saving to do so this is not an immediate obstacle!

[Caddyshack]

I’m a broker and we do a fair few of these, as others said above, the track record is important. With a good previous and stable income it should be fine.

[surveyor]

Thanks, folks. I shall report back to her.

[Jockman]

I would suggest using a broker for anything non conventional.

[Sarnie]

It depends on the industry and the previous employment history, most lenders would want 12 months employment history of working a Zero Hour Contract