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Zero Hour Contract Workers

Written by Ipswich Building Society

4 Feb 2019


Contractor, Self employed, Zero hour contract

1 min read

Workers on zero hour contracts typically find it difficult to meet many lenders’ criteria, and so often find themselves categorised as ‘Mortgage Misfits’ – those unable to access mainstream lending.

Whilst being on a zero hour contract can enable a flexible approach to working, many encounter challenges when it comes to borrowing precisely because they do not have a contract which guarantees future working hours.

The latest ONS stats show that over 900,000 people in the UK are currently on a zero hour work contract – over three times the number five years ago – and nearly a fifth of those are around the average age for purchasing a first property.

At Ipswich Building Society our in-house underwriters assess each application on its merits, reviewing affordability based on the applicant’s unique circumstances.

Zero hours contract lending criteria:

  • 18 months’ continuous employment history and a P60
  • Available on all of our standard mortgage products
  • Usual lending criteria applies

This article was published under our previous name of Ipswich Building Society. We changed our name in 2021 – get in touch if you have any questions.

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