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Due to the operational challenges created by the COVID-19 pandemic, we have temporarily restricted our lending criteria and withdrawn a number of our mortgage products including those for Zero hour contracts.  Visit the FAQs for more information.

What is a zero hour contract mortgage?

Zero hour contract workers typically find it difficult to meet mortgage lender’s borrowing criteria, and as such can be categorised under the group of ‘Mortgage Misfits’; those unable to access mainstream lending.

Whilst being on a zero hour contract can enable a flexible approach to working, many encounter challenges when it comes to borrowing precisely because they do not have a contract which guarantees future working hours. As such many mortgage lenders refuse applications as these applicants do not meet their affordability criteria.

The latest statistics from the Office of National Statistics show that over 900,000 people in the UK are currently on a zero hour work contract - over three times the number five years ago - and nearly a fifth of those are around the average age for purchasing a first property. This restricted access to borrowing through standard application procedures is clearly a growing problem.

According to ONS data, 34% of people employed on a zero hour contract work the equivalent of full time hours, and 41% of people employed on a zero hour contract having been with their employer for over two years (9% of those for 10 years or more) - clearly there are many cases where meeting affordability criteria is not an issue


Getting a mortgage on a zero hour contract

We assess each mortgage application on an individual basis, reviewing affordability based on the applicant's unique circumstances. Ipswich Building Society has improved its mortgage underwriting criteria to allow more support for Mortgage Misfits, considering those who do not have contracted hours of employment but who can still demonstrate a regular income pattern.

If you are on a zero hour contract and are looking for a mortgage then please read our blog or get in touch and speak with one of our mortgage consultants who can talk you through our range of products to find the right one for you.

The criteria we require applicants to meet to be eligible can be found below.


Conditions for zero hour contract mortgage products

  • 18 months employment history and a P60 required
  • Available on all of our products
  • Usual lending criteria applies

Your home may be repossessed if you do not keep up repayments on your mortgage.