Contractor mortgages

Can I Get a Mortgage…? Contractors, Zero Hours work and Locum Doctors

As of 2020, there are over 1.05 million people on zero-hour contracts in the UK, compared with 896,000 the previous year. If you fall into this category, you may have hopes and dreams of becoming a homeowner. However, with no fixed set income and missing out on other employer benefits, you may believe your chances of obtaining a mortgage are slim.

Those who are contractors are in a similar position in terms of income uncertainty. Whatever your situation, the good news is that there are mortgage brokers out there who can give you expert advice and increase your chances of getting accepted.

Read on to find out what you can do, even if your income jumps around.


Showcase Your Earnings

When obtaining any mortgage, one of the key ingredients is to prove affordability as a borrower. If you do not have a full-time permanent contract, there could be more hoops to jump through, purely down to the way your employment is structured.

Mortgage lenders need to be satisfied that you can afford the mortgage you have applied for. Therefore, matching your income situation to the right lenders criteria is paramount.



Depending on how you contract a few key pieces of information will be needed.

  • What your history of contracting is like
  • Have you been impacted by IR35 regulation?
  • How do you contract e.g. do you do short fixed-term contracts, or do you charge a day rate?
  • What employment sector you contract in

There are mortgage lenders out there for most situations, so don’t be disheartened your adviser should be able to guide and support you, to find the most appropriate lender for you.


Use Your Employment History

Your employment history is a solid aspect of the mortgage application process. For example, if you have been working in the same field for several years with the same employer, this will give a better indication of income stability. If there have been any large gaps in your employment history this could raise some questions by some mortgage lenders depending on the reason why.

For fixed term contractors the length of the contract is also important and will impact on some lender’s decisions.

For people on a zero-hour contract, lenders will generally want to see some evidence of the income being sustained.

Please discuss this with your mortgage broker to ensure they fully understand the track record of your employment.


Professional Occupations & Locum Doctors

When applying for a mortgage, the role and occupation you’re in can also help and be a deciding factor on whether you’ll be approved or not. If you’re in a ‘professional’ role, e.g. medical doctors, dentists, accountants and solicitors etc, that are regulated by a professional body, there are more mortgage options out there for you.

Irrespective of your contractual status, some mortgage lenders may provide favourable rates if you are qualified in certain roles.

For locum doctors for example, your employment and earning history will be taken into consideration.


Safeguard Your Credit Score

If your credit file isn’t in excellent shape, this will impact on any mortgage application. However, that doesn’t mean it’s impossible, it will depend on your situation overall.

The best place to begin is by downloading your credit reports and discussing it with your adviser.

Whether you’re on zero hours, a fixed term contract or working as a locum, this shouldn’t stop you from reaching your goals and owning a property.

As long as you discuss your details in full with your adviser a plan of action can be created.


If you need advice on getting a mortgage with your type of employment, please get in touch today and see how we can help. (Click here).

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