Does a zero hour contract really restrict us this much?

bigsamih

You have had a result there with the LBG mortgage advisor. He/she has for sure either made an honest or dishonest mistake. But its not your problem. Good luck!

Gamehungry

Still no offer in the post! This waiting is killed me, just want it in black & white.

Lloyds_Bank

kingstreet wrote: »

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

Hi kingstreet,

I'm unable to comment on Gamehungry's offer. However, in general, if someone on a zero hours contract is applying for a mortgage on their own then one of the following is required:

- Payslips covering the last 12 months
- Their P60 dated within the last 12 months plus subsequent payslips to cover the full 12 month period
- Employer’s reference

However, if it's a joint application and one applicant has been on a zero hours contract for less than 12 months for example, if there is sufficient income from the other party, the application may progress.

Hope this helps,

Craig

Solsol

My husband is on zero hours contract we went with Santander (already had mortgage with them before he changed jobs and went into zero hours contract) they wanted 12 weeks payslips and they took the lowest amount per month (he gets paid weekly).
Hubby is same as your OH in that he has been with the company for two and a half years, he's never had less than 30 hours work a week and in fact he usually does 50+ hrs a week.

We haven't had any problems so far but we were lucky in that we've got 30% deposit thanks to the money we've made on the sale of our house so we didn't need to borrow quite so much plus we've got a good credit score (bad - med credit score would have meant we would only have been able to borrow £50k less)

Like I said, hubby has always had plenty of hours but we do always make sure we have enough money in our joint account to cover at least 2-3 months of outgoings just in case he is ever out of work. The mortgage advisor advised us to try and keep 4 times our monthly salaries saved for emergencies! (Don't think we'll be quite that cautious!)