Is agency work considered as income when applying for a mortgage?

BrettMorganxD

After lots of thought and searching I think I have found a job I can apply for that will fit around my current work schedule (as it is an agency).

I know agency money is variable when your only doing it on the side, but say you gave them 12 months worth of payslips and then worked out the average pay from that? could agency money be treated as income.

If not atleast it will make a contribution to the deposit fund.

harvey115

You need a broker specialising in this area of employment.

I would give an online broker a call and see if they can provide any realistic and achievable numbers.

I have said this many times it feels like if I am working for the company, give a call to Contractor Financials. Otherwise there are many other qualified and suitable professionals on the forum to help you.

holly_hobby

You say "on the side" could you explain what you mean ?

I assume the agency work is not bank work such as nurses, teachers, IT or FS - but just general none professional short term variable work for an agency such as manpower or the like ?

If that is the case, you will struggle as you are in a non professional pool, with the non-gted hourly pay differing between the various contracts the agency secures and places you on (if suitable).

Of course, without knowing the full details it would be hard to say a flat no - speak to a broker (check if there is a fee even if not placed), and see what transpires.

From your own point of view though, I would think seriously about entering into any financial commitment without a permament position of employment - agency work is tempremental without any employee security.

Hope this helps

Holly

Simon_gloster

BrettMorganxD wrote: »

After lots of thought and searching I think I have found a job I can apply for that will fit around my current work schedule (as it is an agency).

I know agency money is variable when your only doing it on the side, but say you gave them 12 months worth of payslips and then worked out the average pay from that? could agency money be treated as income.

If not atleast it will make a contribution to the deposit fund.

For those lenders that allow temp workers, they will require 18 months continuous employment. For professionals like doctors, solicitors etc there is leniency for less, but genrally 18 motnhs.

The income would be based on the year to date figures based on what was currently earned.

Hence to say why some lenders won't touch temps due to the variety of hours/occupations and no guarantee of work.

BrettMorganxD

I have a full-time permanent job this would just be extra money an ezample. Do they include overtime from current job.

Example for the agency work. Say I earn £12,000 per annum just as an example and then earn £3000 for a year on agency. Can I put down my yearly income as £15,000.

Dave_Ham

BrettMorganxD wrote: »

I have a full-time permanent job this would just be extra money an ezample. Do they include overtime from current job.

Example for the agency work. Say I earn £12,000 per annum just as an example and then earn £3000 for a year on agency. Can I put down my yearly income as £15,000.

Nope - Overtime will be included, but not at 100% with most lenders. Typically it would be between 40-60% of the value for income purposes.

Agency work as a second job will depend upon lender and how packaged, but again this is usually after 18 months to prove it is sustainable.

I would suggest overtime (if achievable) is better than agency work from a lender perspective and will accept having done for a shorter period...

Good luck

Conrad

BrettMorganxD wrote: »

Example for the agency work. Say I earn £12,000 per annum just as an example and then earn £3000 for a year on agency. Can I put down my yearly income as £15,000.

I've had agency Nurses and others be accepted and all thier income taken into account. It depends on many things.

star4876

I went for a mortgage with Santander and applied through a broker
I had a full time permanent job but also had a part time agency cleaning one in the evenings. I took in 6 months pay slips for both jobs and as far as I know they did take both into consideration.

I dont know how it works if your only job is through an agency, sorry

holly_hobby

In my experience prof agency bank workers such nurses, IT, FS etc are looked at differently to agency workers in a non-prof/un-skilled capacity, as discussed in my initial post, due really to a shortage in the professions and generally easy and regular placements available.

Although technically your annual income is currently 15k, this must be diffirentiated in your app, as the supporting payslips/ref for each individual employer won't validate this, as it is a combined fig - with 3k coming from a non gted source, so they need to be separately identified.

OT - if regular 50/60% (supported by 3 mths payslips/p60) - or if gted OR a contractual requirement of your employer in a set no of hrs per month, the % taken may be as high as 100% (depending upon lender and basis of OT).

2nd incomes - very unusual for 100% to be taken, due largely to as DH states, longterm sustainability - flexability on this would be dependant upon the type of activity and hrs reqd for the 2nd income. (ie - if you finish work at 5pm and start a job at 7pm working until late into the night or early hrs - a lender would consider this largely unsustainable over the longterm, you get the idea how they look at things).

All things being equal, in cases such as this, I would discuss this initially with a lender whom don't credit score, and have some uw flexibility and autonomy - such as Ipswich BS (although their acceptance of new props is currently suspended due to volume business).

Other than that you need to sit down with a broker, with at least 12 mths payslips from the 2nd income - to give him the best chance of presenting your case to a lender and having this agreed (possibiliy under a UWs mandate - depending if below 75% LTV), with as little leg work from you as possible. But you can see some of the obsticles they may need to overcome for you.

Again, you need to consider if the agency work dries up - will you still be able to comfortably service the mge on your sole primary income ?

Anyhoos, a chat with IBS and/or a broker is really the next stage for you .... I wish you well

Hope this helps

Holly x

jc808

Still not sure what Bretts more fretful about:

- The mortgage he may apply for in two to ten years time (and I guarantee hell NEVER get)
- The employment that may turn sour *if* he panics and starts acting like a total nut (Which, by his own account, he will)