Working part-time & think you can’t get a mortgage? Simply Lending Solutions can help
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Mortgages for Part-Time Workers
If you’ve given up hope of securing a home mortgage because you’re working part-time, particularly if you’re on a zero-hours contract, Simply Lending Solutions may be able to help you. We understand the problems you may encounter and have the expertise to enable you to overcome them.
Our CeMAP qualified brokers work across the whole of the mortgage loan market. This gives us access to lenders with a range of criteria for prospective borrowers. We take the time to fully understand your individual circumstances, so that we can match you to the most appropriate lender.
The Simply Lending Solutions team are working every day in this constantly changing market, making us up-to-date with what lenders want. This enables us to know exactly what information you need to provide, and how successful your application is likely to be.
Mortgage application problems for part-time workers
It may sound obvious but the most common barrier that part-time workers face when thinking about applying for a mortgage on part-time work is meeting any affordability criteria. Put simply, for most people the fewer hours you are working, the lower your income will be. Some lenders may have minimum income thresholds that, as part-time worker you simply won’t be able to meet.
Another issue may be the nature of many part-time contracts. If you are new to your part-time job you may be required to complete a probationary period before your contract is made permanent, which can make lenders reluctant to lend to you.
Similarly, part-time contracts are frequently flexible, with increasing numbers of employees now employed on zero-hours contracts. With a zero-hours contract your minimum number of hours isn’t guaranteed. Whether you have a zero-hours contract or not your part-time contract may mean that you work different hours week by week. This leads to your income varying, which again may not be attractive to lenders.
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Lessening the impact of part-time working on mortgage applications
There are some things that you can potentially do to help reduce any negative impact on your ability to secure a mortgage if you are working part-time.
It’s important to understand what it is that mortgage lenders are looking for. We’ll come on to why this may not be straightforward in a minute but there are some broad factors that lenders will take into account.
The amount of time you have been in your job is important to many lenders. If you have worked for your employer for several years, even if your hours vary, you may then be able to show a degree of security of employment. In some cases lenders will take a view on the length of employment, even 3 months of continuous employment may be acceptable, we can review each case on its own merit and place the mortgage with a lender we know has the flexibility.
You will also want to consider and record any other sources of income you have. This could be income from state benefits income from investments, child maintenance payments or possibly income from another job.
You should also remember that just because you are employed part-time, that doesn’t automatically mean that you will be less able to make mortgage repayments than someone in full-time employment. You may, for example, may not have any of the other outgoings of a full-time employee. Lenders will also consider this.
Other considerations include your personal credit history and your ability to raise a deposit. A higher deposit means a smaller mortgage loan. You may also consider a joint mortgage.
The complexities and multiple variables that lenders consider when looking at a potential borrower who is in part-time employment, underline how useful it is to work with a professional mortgage broker like those at Simply Lending Solutions.
Let Simply Lending Solutions help you secure a mortgage
We’ve now explained some of the many different factors that lenders take into account when deciding whether or not to lend to you. Simply Lending Solutions can help you navigate the potential pitfalls and maximise your chance of finding an appropriate mortgage.
Our focus is building a relationship with you so that we fully understand your circumstances in order to match you with a lender with suitable criteria for you. This means that when you choose to make your mortgage application through us, you’ll be applying to the right type of lenders.
Working closely with you also means that we ensure that we fully capture all aspects of your financial profile. We’ll make sure you don’t forget to mention any additional sources of income, and we’ll really examine all your financial commitments to build a true and accurate picture for lenders.
The mortgage market doesn’t stand still for long, with lenders changing their criteria regularly. As our skilled brokers work with part-time employees every day, we’re always up-to-date with what lenders are looking for. We have relationships with mortgage lenders who may consider giving a zero-hours contract mortgage or give you mortgage if you have a part-time job.
When you ask Simply Lending Solutions to find you a mortgage you can be confident that we have the expertise to understand all your different options and find you the most appropriate mortgage. You can leave it to us, confident that we will only work in your best interests.
Making a complex process clear
Our application process is transparent and easy to understand.
Simply Lending Solutions always start the process with a free consultation with you to understand your circumstances and exactly what you’re looking for. This makes sure that we always consider the best options for you.
Once we’re sure we have a complete picture of what you’re after we start the search for suitable products. We’ll let you know if we need more information from you.
Simply Lending Solutions compiles a list of your options which we discuss with you. We’ll let you know what all the costs associated with the options are, what supporting documentation is required and anything else that you need to know to make your decision.
Our next stage is to carry out an in-house underwriting process. This helps us make sure that the application can progress smoothly.
Final documents are requested from you, the finished application made, and we wait for the mortgage offer from the lender.
Assuming you are still happy, documents are passed over to lawyers for completion and exchange of contracts.
Whatever option you choose you don’t pay anything until the mortgage offer is received. For some remortgage applications you won’t pay any fees until completion.
Personalised help for a range of mortgages
Depending on your circumstances we can help part-time employees secure a range of mortgages. Our fully qualified brokers are familiar not just with multiple lenders but also with different products so we can help you find what you are looking for.
Available mortgages include:
- Second charge mortgages
- Shared ownership mortgages
- Mortgages for first-time buyers
- Help to Buy mortgages
- Home mover mortgages