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