I’ve been in Burnley all my life, so I know a lot about home buying and mortgages. I know it can be really tough if you’re on a zero-hour contract, where work is not guaranteed. But don’t worry, I understand. That’s why I wrote this: ‘Zero-Hour Contract Mortgage in Burnley: Your Options Explained.’
First, let’s talk about zero-hour contracts. These do not promise any set hours of work, so your income might change every month. Because of this, mortgage lenders used to find it hard to work with people on zero-hour contracts. But times have changed, and now there are quite a few options.
Income stability is crucial. To get a mortgage, you need to show a lender that your income is steady. Have you earned the same amount for about a year and a half to two years? Then you have a better shot at getting approved. If one lender turns you down, try another, particularly smaller lenders or credit unions in Burnley. They are usually more open to non-traditional workers.
Consider working with a mortgage broker too. These folks know the industry well and have many contacts, which can help find a mortgage that fits your situation. They can also help you figure out the paperwork to prove your income, like bank statements, P60s, and payslips.
If all else fails, there are government schemes designed to help first-time buyers like the Help to Buy ISA and Lifetime ISA. These offer a 25% bonus on your savings which might be useful for those on zero-hour contracts. Looking at shared ownership schemes might not be a bad idea either. They let you buy part of a property and rent the rest, which could be more affordable for you.
A bigger deposit can often convince a lender to approve your mortgage. Yes, it might take more time to save, but your chances of getting a mortgage are much better if you can make a sizable down payment.
It might seem really hard to buy a home if you’re on a zero-hour contract in Burnley. But, it’s not impossible. You just have to be patient, explore different options, and get professional advice. With its rich history and lively community, a home in Burnley is surely worth all your effort.