Mortgage and a 0 hour contract?

Beckyy

Does anybody know how likely it is any mortgage providers will accept a 2nd applicant on a mortgage that works on a zero hour contract?

I should be starting a new job soon in Home Care which will be a zero hour contract (although I should be working 25hours+ per week.) My OH works full time, with a proper contract for the hours he works etc.

Would we only be able to take out a mortgage based on my OHs earnings, or would a mortgage company take my earning into consideration too if I was able to provide proof that I was working a reasonable amount of hours (e.g - a certain amount of payslips)?

I'm a FTB but my OH isn't, and has a mortgage on our current home. We would have a minimum of a 40% deposit on a new property.

Thank you for any help. :T

hcb42

it depends...

how much is partner's income, and how much do you want to borrow over what term..

Are you selling the other property?

mortgage lenders are unlikely to take your wages into account, for the zero hours and for the fact it is a new job, although their criteria will vary and your deposit is healthy enough

Beckyy

Thank you, I was worried that would be the answer

OH earns £23K pa basic.
I should be earning around £10K pa.

House would be £175000 (ideally, although we could buy a cheaper one if we did need a smaller mortgage)
Deposit (max) - £80000
So mortgage would be about £95000

Current house would be sold, but I have no idea how quickly we would be able to sell it. We would prefer to buy a new property and sell this one after if possible (am aware of the issues with doing this). Mortgage on this house is £340 per month, and has around £55000 outstanding.

My credit rating is pretty blank... have only ever had a mobile contract. OH was turned down his first choice of mortgage originally because of a tiny missed payment on a credit card when he was 18(which he only used once, had broken up and forgotten about, bah!). Nether of us has any debt aside from OH's car finance - monthly payments are £107 and will be up in Feb 2012.

hcb42

the multiples look too high for OH on his own, better with your income, but they are not guaranteed hence the 0 hours contract.

Not selling affects affordability, and of course you need the capital for the new purchase. ( I am assuming this deposit is coming from the other sale, if not then it will just be the affordability issue)