Can an agency worker get a mortgage?

Loubylou1234

Hi

My brother is HGV driver and really wants to buy his own house but he works via an agency.

I am guessing that lenders will be more reluctant to approve him a mortgage because he works for an agency, does anyone have any advice on what he can do to increase his chances or even if it will be possible to get a mortgage on his own?

He is currently living with family and saving like crazy for a deposit, his work is regular and it is unlikely he will ever be out of work as there are always jobs available.

Any info/advice would be greatly appreciated

Thanks

Dave_Ham

Hi there,

Yes there are solutions for him, but his work has to stay consistent and no broken time off. He will also require a sensible deposit, likely to be 15% although possibly achievable at 10%

One of my best friends runs an agency that employs over 100 HGV drivers, so I have done a few of these and I therefore know it is unlikely he will be without work given the demand for these qualified drivers.

Tell him to keep doing what he is doing and then once he is in a position to start looking and has his deposit to get in touch with a broker, as this will definitely require a broker.

Good luck

Dave_Ham

Sorry, just to add that many drivers are on an umbrella tax reduction system and if he is one this will not help his chances at all...

Loubylou1234

Its great to know its not a hopeless case! He has had regular shifts now for about six months, how big a period of time will the lenders be looking at with regard to his earnings? 12 months?

Simon_gloster

Generally 18 months, some even 2 years unbroken employment history minimum.