any one know about mortgages

#1
I've had an application turned down for one because I work a zero hours contract. Will it be easy enough to get another or should I start panicking
 
#3
Cheers, I've got one (I think with the estate agents) so hopefully they should sort it out ?
 
#4
I've had an application turned down for one because I work a zero hours contract. Will it be easy enough to get another or should I start panicking
I would imagine it would be more difficult, it depends on your contract, but your employer could just cut your hours and earning potential. Do you get sick pay?
No need to worry just rent, this is why those in power want casualisation of work.
 

CountryGal

MIA
Book Reviewer
#7
Out of interest - what's a zero hour contract?
 
#9
Out of interest - what's a zero hour contract?
what it says on the tin....nother name for ' awaiting a call saying turn up in an hour, work for three, we'll see about tommorow. maby'..and you won't get more than twenty hours 'cos' that takes employer into new uncomfortable areas..!!
 
#10
look at your credit file also in case there's anything else in the background

Credit Check, Credit Score and Free Credit Report from Experian UK
Equifax - Products - Worried about your credit score?
Callcredit - Direct Marketing & Credit Solutions for Business

all three are used by companies so worth checking them all out
I have a mortgage now on my flat that I've had for the past 5 years and never missed a payment and me and Mrs debts come to about a grand so I can't see a problem there
 
#11
I have a mortgage now on my flat that I've had for the past 5 years and never missed a payment and me and Mrs debts come to about a grand so I can't see a problem there
Did your current lender knock you back ? Also having no debt can be as problematic as having debt becasue the prospective lender has nothing to measure your credit worthiness on.
 

CountryGal

MIA
Book Reviewer
#12
what it says on the tin....nother name for ' awaiting a call saying turn up in an hour, work for three, we'll see about tommorow. maby'..and you won't get more than twenty hours 'cos' that takes employer into new uncomfortable areas..!!
Sorry if this sounds obtuse - whats the point of thr contract then?
 
#14
yeah it's the first one we've gone for. Would I be able to transfer my existing mortgage across.
 

Grumblegrunt

LE
Book Reviewer
#15
if coops still has a mortgage then he might have to stay with the current lender, trying to switch with a zero hours contract is pretty futile unless they will accept past proof of earnings as standard. the current lender might allow you to remortgage inhouse.

zero hours contracts are designed to enable the employer to drop you down to part time without you being able to object or even double your hours. the aim is to save employers national insurance contributions. like umbrella contracts they are purely schemes to save the employer money.

anyone forcing you onto an umbrella will say you can claim petrol, uniform etc... and short term you might get a few quid back. it classes you as self employed though so instead of deductions you have to pay your own NI and pension contributions which are at a lower rate so if you need to sign on you wont be elligible as your payments were too low. for umbrella contracts they have to offer you paye even if its done through an outside firm. zero hours there isn't a lot you can do except hope they employ you full time all the time,
 
#16
The money I'm trying to borrow is about the same amount as the mortgage I've got now
 

Grumblegrunt

LE
Book Reviewer
#17
so are you trying to remortgage the current flat or get a new mortgage for a different property?

because it was so abused self cert mortgages are now expensive and they check up. a zero hours contract you could have self certed. I'd say ask your current lender and hope for the best as I doubt your boss will suddenly grant you a 37hr contract.

if its a joint application and she has a job which can be counted as the primary income for the multiplier then maybe you can put your salary as other income.
 
#18
Many modern mortgages are 'portable' in that you can move them to a new property subject to satisfactory valuation. Check the docs on your current one and look for the KFI document. It should tell you.
 
#19
I am try to buy a property not re mortgage, my wife is on maternity leave at the moment, so that doesn't help. I will give the transporting thing a try.
 
#20
if coops still has a mortgage then he might have to stay with the current lender, trying to switch with a zero hours contract is pretty futile unless they will accept past proof of earnings as standard. the current lender might allow you to remortgage inhouse.

zero hours contracts are designed to enable the employer to drop you down to part time without you being able to object or even double your hours. the aim is to save employers national insurance contributions. like umbrella contracts they are purely schemes to save the employer money.

anyone forcing you onto an umbrella will say you can claim petrol, uniform etc... and short term you might get a few quid back. it classes you as self employed though so instead of deductions you have to pay your own NI and pension contributions which are at a lower rate so if you need to sign on you wont be elligible as your payments were too low. for umbrella contracts they have to offer you paye even if its done through an outside firm. zero hours there isn't a lot you can do except hope they employ you full time all the time,
Lovely word, much employed..the mother of 'fools' but like all mothers should be respected.........but its not, ever heard politicans/lefty liberals etc employ the word hope, means it 'aint gonna happen'...e.g. "we hope jobs will be saved"..get the drift..
 

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