Can you get a mortgage without a contract?

Can you get a mortgage without a contract?

A zero-hour contract mortgage is a home loan specifically for those who don’t have a full-time contract of employment but do have a zero-hour contract. The reason zero-hour contract mortgages are different from regular mortgages is that borrowers will typically have no guaranteed work.

Do mortgage lenders check employment contract?

Mortgage lenders usually verify your employment by contacting your employer directly and by reviewing recent income documentation. The borrower must sign a form authorizing an employer to release employment and income information to a prospective lender.

Does contract work affect mortgage?

How does your employment affect your mortgage application? Your employment as well as job stability are two of the most important details that lenders will evaluate when you apply for a mortgage. This can make the difference between being approved or not approved for the mortgage amount you desire.

Can agency staff get a mortgage?

Most high street lenders will not issue mortgages to agency workers. Most lenders will ask for 12 months of employment history to consider you for a mortgage. This can make it slightly more difficult for agency workers, as often there are gaps in employment between agency contracts.

Can you get approved for a mortgage on a contract job?

Various types of income are acceptable to lenders and mortgage insurers. Acceptable sources include salary, pension, and guaranteed hourly income. Other sources of income such as part-time, contract, seasonal, self-employment and commission are also acceptable but lenders will require a two year average.

Can I get a mortgage without a permanent job?

A No, you won’t necessarily have to wait until your husband is in a permanent job to get a mortgage. Lenders like to know that the mortgage loan they advance you is going to be repaid so they like to see evidence of ongoing earnings.