any one know about mortgages

Discussion in 'Finance, Property, Law' started by thecoops, Feb 5, 2013.

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  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
  2. Try going through a broker - This mob near Croydon are quite good... Home - WhichersIFA
  3. Cheers, I've got one (I think with the estate agents) so hopefully they should sort it out ?
  4. 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.
  5. Accept you don't really have a job....!!
  6. CountryGal

    CountryGal LE Book Reviewer

    Out of interest - what's a zero hour contract?
  7. You have no guaranteed hours, but you do have an employer.
  8. 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..!!
  9. 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
  10. 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.
  11. CountryGal

    CountryGal LE Book Reviewer

    Sorry if this sounds obtuse - whats the point of thr contract then?

  12. Saves the employer money , shafts the employee yet doesn't break any rules.
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  13. yeah it's the first one we've gone for. Would I be able to transfer my existing mortgage across.
  14. Grumblegrunt

    Grumblegrunt LE Book Reviewer

    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,
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