Does a zero hour contract really restrict us this much?

Gamehungry

Just a quick update for any one interested.

The broker didn't come up with any viable options in the end, the providers she did approach said they wouldn't accept a zero hour contract without at least 2 years of history!

Alas, as we already had a Mortgage Promise from Lloyds we decided to go back to them, we initially went with the intention of gathering more information & to see if we were actually able to proceed given the situation.

We ended up stopping there for two hours having come out & having paid for a home buyers survey on the property we loved! We were both a bit dumbfounded, the hard searches were done there & then apparently which came back OK.

The only documents the Lloyds MA asked for were 3 months of wage slips for both of us & a copy of our driving licenses!? No bank statements, no p60s & no further wage slips, Crazy I thought?

So, skip to last Thursday. The survey comes through all OK, comes back valued at the price we offered & we pass it on to the solicitors the next day. We haven't paid anything to them at at this stage.

Skip to yesterday & I'm told by the protection adviser at the branch that the mortgage adviser has confirmed the formal offer has been processed! He caught her that morning before she left for her hols. I chased it today through Lloyds direct as reassurance & the gentleman at the end of the phone also confirmed everything was done & OK at their end & the application has progressed to offer! Still can't quite believe it.

I've asked the solicitors to contact me as soon as they receive the offer, they haven't yet! Does anyone know if they would receive this via fax or post? I asked if we would receive an offer in the post & he said that should be the case, would it come direct from Lloyds or the branch? How long will it take? Do Lloyds not send out texts?

Desperately want to jump for joy but until I have that offer in my hand I'll hold back. Got to keep reality in check before exchange anyway. Ha. The only search on my credit file according to noodle is from the day we applied, it's an administration review under the Lloyds group?

Mortgage_Mark_2

You've had a result there, essentially they've averaged payslips, rather than look at the contract.

Oh and even if your broker could get a DIP, it would be meaningless, it's just a credit score, not an assessment of your eligibility based on employment status etc.

densol_2

Brilliant news ! Fingers crossed you have your offer in your hand v v soon - but if two different people says it's passed - it's sounding positive !

Gamehungry

It is indeed sounding positive, we can't wait to celebrate a litte!

kingstreet

I'd love to see the employment status on the mortgage application form. LBG min requirement is twelve months payslips for zero hours contracts.

mai_taylor

My friends have just got a motgage, he's on a zero hour contract. The mortgage company never asked if he was on zero hours or asked to see a contract they just looked at his payslips. This was a 95% mortgage through Santander.

kingstreet

I have a Santander application open in front of me.

It asks;-

employed, self-employed, employee with own company, contract

then

what is the contract type - Fixed/Short term or Temporary?

I suspect the person completing the form may not have answered correctly.

Lloyds_Bank

Gamehungry wrote: »

Just a quick update for any one interested.

The broker didn't come up with any viable options in the end, the providers she did approach said they wouldn't accept a zero hour contract without at least 2 years of history!

Alas, as we already had a Mortgage Promise from Lloyds we decided to go back to them, we initially went with the intention of gathering more information & to see if we were actually able to proceed given the situation.

We ended up stopping there for two hours having come out & having paid for a home buyers survey on the property we loved! We were both a bit dumbfounded, the hard searches were done there & then apparently which came back OK.

The only documents the Lloyds MA asked for were 3 months of wage slips for both of us & a copy of our driving licenses!? No bank statements, no p60s & no further wage slips, Crazy I thought?

So, skip to last Thursday. The survey comes through all OK, comes back valued at the price we offered & we pass it on to the solicitors the next day. We haven't paid anything to them at at this stage.

Skip to yesterday & I'm told by the protection adviser at the branch that the mortgage adviser has confirmed the formal offer has been processed! He caught her that morning before she left for her hols. I chased it today through Lloyds direct as reassurance & the gentleman at the end of the phone also confirmed everything was done & OK at their end & the application has progressed to offer! Still can't quite believe it.

I've asked the solicitors to contact me as soon as they receive the offer, they haven't yet! Does anyone know if they would receive this via fax or post? I asked if we would receive an offer in the post & he said that should be the case, would it come direct from Lloyds or the branch? How long will it take? Do Lloyds not send out texts?

Desperately want to jump for joy but until I have that offer in my hand I'll hold back. Got to keep reality in check before exchange anyway. Ha. The only search on my credit file according to noodle is from the day we applied, it's an administration review under the Lloyds group?

Hi Gamehungry,

The offer's sent by post to the solicitor as well as you and that can take up to 3 or 4 working days. If you need the offer to be with your solicitor more quickly, I'd recommend getting in touch with the branch to ask whether they can fax it. Regarding a text message, we wouldn't send one of those.

Thanks,

Craig

kingstreet

Anything to add on a zero hours contract with only three months' payslips, Craig?

Gamehungry

Lloyds_Bank wrote: »

Hi Gamehungry,

The offer's sent by post to the solicitor as well as you and that can take up to 3 or 4 working days. If you need the offer to be with your solicitor more quickly, I'd recommend getting in touch with the branch to ask whether they can fax it. Regarding a text message, we wouldn't send one of those.

Thanks,

Craig

That's put my mind at ease, thank you! The offer was made Monday so I shall expect it in the post tomorrow all been well.