MORTGAGES FOR AGENCY WORKERS

Individuals who work on a temporary or contract basis through employment agencies can benefit from mortgages for agency workers, which are specifically designed to accommodate their unique financial situation. These agency worker mortgages consider factors such as fluctuating hours and irregular income streams. Rather than traditional employment history, lenders may consider the length of time spent working with the same agency. Agency worker mortgages can provide more flexible lending criteria, making it easier for those who may struggle to obtain a mortgage through traditional means.

Some lenders offer specialised mortgage products for agency workers, considering their income stream differently from regularly employed workers. Agency workers may also be eligible for self-employed mortgages. However, the criteria for these mortgages can be stricter, and lenders may require a longer track record of consistent work and earnings. Trust ams: to navigate you through the mortgage minefield, we have great solutions from top-quality lenders awaiting you.

Due to the variable income and unstable employment status, lenders may consider agency workers as a higher risk group when assessing applications for agency worker mortgages. As a result, they may ask for extra paperwork and proof of income to support their application. This can include payslips, bank statements, employment contracts, future order pipelines, etc.

Some lenders may require agency workers to have a minimum period of employment before applying for a mortgage, which is usually around six months to a year. However, this can differ between lenders, and some may be more adaptable depending on the applicant's circumstances. It is important for agency workers to work with a mortgage broker or financial advisor, like our team at ams: We will provide guidance on the specific requirements and options available to you. If we can’t help, it’s not possible!

While it is possible for agency workers with a low credit score to obtain a mortgage, their choices may be restricted, and they may encounter higher interest rates and fees. The credit history of an agency worker is a critical factor in their mortgage eligibility because lenders utilise this information to assess their risk.

It can be more difficult to obtain a mortgage if the individual has a poor credit score resulting from missed payments, defaults, CCJs, or bankruptcy. Nevertheless, there are alternatives available, such as adverse credit mortgages, and consulting with a mortgage broker like ours at ams: who will find the best mortgage deal to meet your needs and circumstances.

Obtaining a mortgage for agency workers can be more difficult compared to permanent employees as lenders usually prefer borrowers with stable employment and income, which can be harder to prove as an agency worker. However, there are mortgage products available that are specifically designed for agency workers, and working with a mortgage broker can improve the chances of approval. The ease of obtaining agency worker mortgages will depend on numerous factors such as individual circumstances, employment history, income, and credit score. Speak to us about your options at ams: Remember, “If we can’t help, it’s not possible”!

Lenders may perceive agency workers as less stable than permanent employees, which can impact their mortgage application. However, this does not mean that agency workers are unable to obtain a mortgage. Lenders will evaluate a range of factors such as the worker's income, employment history, and credit score to determine eligibility.

Agency workers with short-term contracts may face additional challenges when applying for a mortgage. Lenders may require a longer employment history or a larger deposit to reduce their perceived risk. To increase their chances of success, we advise agency workers to seek the help of a mortgage broker with related expertise like our ams: team.

To assess the affordability of mortgages for agency workers, lenders usually evaluate their income stability and affordability over a specific period. They may also consider the terms of the agency worker's employment contract, income variability, and expenses.

While agency work can serve as proof of income for a mortgage application, lenders may request additional documentation such as payslips or bank statements to verify the stability and affordability of the income. The exact documentation required may vary depending on the lender and the individual situation of the applicant.

While using work history from various agencies to support a mortgage application is possible, lenders generally prefer a stable employment history. Unlike permanent employees, lenders view the income stability of agency workers differently due to the nature of agency work being less stable. To assess affordability, lenders may require agency workers to provide proof of consistent work history and earnings over a specific period. Nevertheless, agency workers can use their agency work as proof of income for a mortgage application if they have a stable employment history and meet the lender's affordability criteria.

Yes, workers with fluctuating income streams, such as agency workers, can obtain a mortgage. However, they may face more challenges in demonstrating their income stability and affordability to lenders. It is recommended that they seek the advice of a broker specialising in mortgages for agency workers such as ams: Our expert team will assist in guiding you through the options and assist with the application process.