Mortgages for temps and agency workers
Looking for a mortgage as a temporary or agency worker? Find out what information mortgage lenders will want to see and why Freelancer Financials can help you secure a mortgage where other brokers have failed.
Can temps and agency workers get a mortgage?
The answer is yes. Freelancer Financials has helped thousands of agency workers over the years get on the property ladder.
Many agency workers struggle to secure a mortgage due to the unpredictable nature of their income. This makes lenders nervous. They generally prefer employed workers whose incomes are viewed by underwriters as being more stable. However, we have built relationships with mainstream and specialist mortgage lenders who can offer mortgages to UK agency workers.
Our mortgage advisors know which lenders look more favourably on agency workers and how to present your application to them. Speak to our expert brokers to see how we can help you too.
What type of agency workers can apply for a mortgage?
We’ve helped agency workers from all walks of life, including warehousing; healthcare; construction; IT and education secure a mortgage.
The key is finding the right lender who is familiar with dealing with agency workers. This can be quite challenging to achieve on your own, which is why we recommend you contact our specialist broking team to match you with the right lender. Complete the form below to take the first steps towards the home you deserve.
Why Freelancer Financials?
We’re specialists in arranging mortgages for agency workers. If you’re an agency worker or have a rolling temporary contract, using an experienced UK mortgage broker is the best way to secure a top deal to buy the property you want.
Our mortgage brokers have working relationships with all the right lenders – those who will look more favourable towards agency workers and zero-hours contract workers.
Why do agency workers struggle to get a mortgage?
The temporary nature of agency workers contracts and potential gaps between job assignments raises concerns about their ability to maintain regular mortgage repayments.
Lenders want to see a track record of working history to ensure you can afford the mortgage payments now and into the future. Even if your earnings fluctuate from month to month on varying contract rates, we can present an average annual income for lenders to assess your affordability.
In most situations, our experienced broking team can secure a mortgage for you.
What factors impact my ability to get a mortgage as an agency worker?
Lenders will look at a wide range of eligibility and affordability criteria to assess what you can borrow. Lending criteria will typically include:
Your work history
Most lenders will require a consistent work history, often requiring at least 12 months of continuous employment.
Your contract type and length
Lenders will want to know the type of agency contract you’re on, whether it’s fixed term or temporary, whether your contract has recently been renewed, as well as the length of your existing contract to assess your mortgage affordability - the longer the better.
Your income
Proof of your income will be required, through payslips, bank statements, or contracts.
Your credit history
A good credit history is important to satisfying a lender’s criteria for offering a mortgage to a an agency worker.
Any gaps in employment
Keeping employment gaps between contracts to a minimum – ideally no more than 6 weeks – will reassure lenders of your ability to repay your mortgage debt in the long term.
Your deposit
Lenders will require a minimum deposit of at least 5-10% of the value of the property, in order to make a mortgage offer.
How much can an agency worker borrow for a mortgage?
The amount an agency worker can borrow for a mortgage depends on factors such as income, size of deposit, credit history and the lender’s affordability criteria. There is no universal criteria that all lenders adhere to, each lender has a unique set of rules based on their underwriting policy.
Usually, lenders apply a multiple of 4.5 to 5.5 times your annual salary or income, although this can vary based on your individual circumstances. If your income has fluctuated over the last 12-months due to different contracts, lenders typically take an average over the last 12 months. However, a handful of lenders that we work with can use the most recent earnings or your latest contract.
How much can I borrow?
Can agency workers with bad credit get a mortgage?
Bad credit and a lack of permanent employment can reduce your options for getting a mortgage, but it’s still possible. It’s simply a case of working with a specialist broker who can get you the right mortgage from a specialist lender. We work with a number of specialist lenders who will manually assess your application, weighing up your situation and circumstances on a case-by-case basis.
Your mortgage options will depend upon the severity of your bad credit and how long ago the bad credit incidents took place. For example, one late payment registered a few years ago will not affect your chances of getting a mortgage to the same extent as a recent bankruptcy, CCJ or default.
If you’re concerned about your prospects as an agency worker with bad credit, contact us with your credit report and a specialist broker from our team will be more than happy to discuss your options.
Types of mortgage available
Our flexible, competitive solutions are designed to make your mortgage journey easier. Freelancer Financials offers a range of mortgage products designed for agency workers and temps, including:
First-time buyer mortgages
Home mover mortgages
Remortgages
