Being an agency worker can give you the flexibility to work for possible higher wages, choose as and when you want to work, and improve your skills in different environments. But one aspect that is often overlooked is how this can affect your ability to get a mortgage.
Many lenders will ask for 12 months of employment history, which means it can be hard for agency workers to get a mortgage with traditional high street lenders. However, there are certain specialist lenders who will accept mortgages from agency workers and temporary contractors.
Why is it hard for agency workers to get a mortgage?
Traditional high street mortgage lenders are very risk-adverse when it comes to approving home loans. Their typical process requires that any applicant has to provide evidence of regular income and employment, dated back 12 months.
For agency workers that can be problematic.
But just because you have chosen to work on an agency basis, that shouldn’t mean you have to change your career choice to get a mortgage.
This is where a specialist adviser can help.
Agency worker mortgage specialists
We have a large panel of mortgage advisers who specialise in helping people get the mortgages that they deserve.
And there are lenders out there in the UK who will lend money to agency workers.
It’s just about knowing who those lenders are, and how your application into them should be structured.
If you need help in getting a mortgage as an agency worker, get in touch with us today. Within a few minutes our team will be able to put you in touch with the right adviser to suit you.
What lenders will offer mortgages to agency workers?
Our advisers regularly work with lenders who will offer home loans to people who have shorter employment durations than 12 months.
In most cases, these lenders won’t be the traditional high street banks and names, but instead specialist lenders – and there are a lot of them out there.
Even if you have worked for less than a year, you could still qualify.
For example, some of the lenders are advisers work with on agency worker mortgages only look for 3 months’ worth of employment history, providing you have a track record of employment in the same industry.
For you that means providing that you have a deposit and are financially able to repay a mortgage, there’s every chance you could be on the property ladder sooner than you think.
Even with cases where you have income that changes from month to month, providing you can submit an annual assessment showing proof of regular income, you could apply for an agency worker mortgage successfully.
How our advisers can help
The first step will be for your appointed mortgage adviser to ask you for evidence of your income from the last 12 months. This will let them assess whether it’s going to be accepted by a specialist lender.
They will then recommend the best lenders in the market most likely to accept your application, and help you put that together to stand the best chance of success.
What will help and what you need to provide
- A decent credit rating
- Evidence of pay and income
- P60s or tax returns for self-assessment
- Bank statements
- A deposit
Larger deposits can also help, but they aren’t essential.
Can you get a mortgage if you are a temporary worker?
Temporary and agency workers are the same thing in relation to this mortgage query.
And just like the comments above, the good news is that this type of agency and temporary work doesn’t mean you won’t get a mortgage.
As we previously discussed, many lenders aren’t keen on short-term temporary contracts as it can suggest that income won’t be guaranteed – which is a risk as far as repayments go in their eyes.
Just like any other mortgage application, every single case will be viewed individually, both by our advisers and the lenders.
What types of agency worker can apply for a mortgage?
If you’re in agency work and on a temporary contract, our advisers might be able to help you. The most common types of agency worker they have helped in the past tend to come from the following industries:
- Trades and industrial
- Information technology
- Office and administration
- Medical and health professionals
What should I do next?
Recent statistics show that there has been a 40% rise in the number of agency workers over the last decade in the UK. That equates to around 800,000 people now working as temporary staff.
The finance industry understands this, and so there has been an increase in specialist agency worker mortgage lenders prepared to lend like people like you.
No matter what your position or work history, get in touch with us today to see how our advisers can help you get the mortgage that you need.