Zero hour contracts and getting a mortage

emilyjane25

I am a nurse and my partner is a teacher. I have a full time position at the minute however like the thought of working full time on the nurse bank. For anyone who hasn't heard of the nurse bank it basically means I would work as and when I want at a better hourly rate than what I get with my full time position. So I wouldn't get the benefits of annual leave, sick pay and maternity pay but I would be able to chose which shifts I want to work and earn more which as many nurses on the bank have said is a 'no brainer' and wouldn't go back to a full time position, especially for those who have children. I don't have kids yet but still love the idea of banking full time, earning more and choosing my shifts. My issue is is that myself and my partner are both first time buyers and are trying to save for a mortgage. From what I understand from searching google it is possible to get a mortgage on a zero-hour contract, but is it a good idea? Will I have issues getting a mortgage, will some companies reject my application for a mortgage as soon as they see zero hour contract? Has anyone else been in this position? Help please!

laurajanelolly

Hi

I got accepted for a mortgage with my partner back in August and I'm technically on a zero hour contract.
I'm a teacher but currently classed as claims and paid on an hourly rate over 11 months. This means my hours could fluctuate but only on a year by year basis.
I was convinced I couldn't get a mortgage even though I had a fairly good income but they only asked for prof of 3 months payslips so just took my monthly average earnings. They also confirmed with HR who told them my salary based on 11 months.
I think it depends on your combined earnings but it's also worth finding a good mortgage broker as they will find get right lender for you.
It does involve risk though as when I started back in September I lost 5hrs of teaching a week which would've been nearly 5k over a year. I had to take up another job and return my car for a cheaper one to ensure I could meet my monthly outgoings. I've since picked up those hours again but am still aiming for a permanent position.

dimbo61

You don't have kids YET !
So giving up a full time permanent job is a good idea while also trying to buy your first home ?
Are you mad ?
Why are you trying to make life difficult ?
Save for your deposit, consider a long term fix 5 years or even longer with rates so low.
Overpay or build up savings before you have kids and go off on maternity leave while getting maternity pay from work.
You can do bank work in a few years to help earn extra money around childcare