Hi, this may drag on a little so I’m sorry in advance!
Me and my husband are hoping to get a mortgage but have bad credit.(lots of defaults will all be 2 years old by march, and a ccj (paid) registered jan 2019) Deposit is gifted and waiting for us…the plan originally was to carry on paying very small token payments to all the defaulted debts so we could save for all the extra fees involved and furniture etc. But then decided to throw all money saved into the debts to clear so we will be debt free in around 2 months. Anyways…we’ve realised we are going to have to wait till march time once all defaults And the ccj are 2 years old but i’m on a zero hour contract. My husband is permanent is same job for around 5 years. I can change to a contract with my current employer if I wanted but ideally wouldnt want to (long story but it will effect holidays and will mean me travelling alot further). So im wanting to know if lenders like precise, kensington, aldermore, vida homeloans will accept me on a zero hour, if so how long will i need to be on the zero hours (only started feb this year) If I changed to a permanent contract then would any of those adverse lenders accept us after say 3-6 months of being on a permanent contract? Sorry for dragging that out! Thank you 🙂
Firstly well done on working through your debt and being 2 months away from clearing it.
Specialist lenders will value this being done, especially when out of monthly income.
I would steer clear from naming specific lenders as one of these lenders may accept a part of your situation, but not something else that you are unaware of. Rather than over thinking and researching lenders and their criteria, it may be prudent to let an experienced broker guide you.
Lastly, you should never really try to manufacture change in your job/career to look to be more attractive to a specialist lender. Zero hour contracts are not always a deal breaker, but what type of role you are, how long have you got a track record for and any gaps in employment history are critical..
Each of the lenders you have mentioned have very detailed criteria and ever moving criteria and product guides and dependent upon the exact details of your credit profile and situation; some may lend sooner than the 2 years from defaults you mention..
Best of luck
Thanks for your reply 🙂
So my husband will be the main applicant , he earns the majority or our money and has been employed permanent by the same company for over 5 years. But to get the amount we want to borrow we need my income on the application. I was employed, then went on marternity and didnt go straight back to work after due to wanting time off with my daughter. Then started a job as a carer in feb this year, they want us on a contract but it just makes my life a bit easier if I stay on zero hours contract as its more flexible for me (eg they will only offer me a 16 hours contract which then means I would get holiday allowance for 16hours, whereas I currently do between 30-40 hours a week and get holiday hours accrued for those) Ive seen a few lenders say minimum of 3 months employment so if thats the case then I would happily change to a contract if it means we can get a mortgage sooner than march next year. Ive spoke to brokers but just seem to be getting different answers. Thanks again
This is a tricky place before Feb of next year and the 1 years zero hours history behind you.
There may be a couple of options now still, although much will depend upon the rest of your case.
There are lenders that could work with your employment history now, although whether this coupled with your credit history will come down to the finer details