0 hour contract and borrowing more money

Discussion in 'Mortgages' started by Rebecca1990, Aug 16, 2019.

  1. Rebecca1990

    Rebecca1990 New Member

    Hi everyone after some advice.
    So today I went to meet with my current mortgage lender Halifax. I've been with them 3 years now. Me and my partner want to borrow more money and buy a new home together. Credit checks etc all fine but she said because I'm in a 0 hour contract we may get declined for the extra money.
    However 3 years ago when I got my current mortgage I was in a 0 hour contract then.
    Shes sent off mine and my partners wage slips along with a letter from my employer stating the hours I work and money I'm on.
    What do you think the likeliness is that we get turned now even tho I'm already with them??
     
  2. I think mortgage lenders are a lot tougher these days but accepting your application just 3 years ago but not today seems a bit harsh. I presume you havent missed any loan repayments?
     
  3. Rebecca1990

    Rebecca1990 New Member

    Thankyou for your reply.
    They did refuse me back in march as I had missed 2 credit card payments but I have got my credit rating from a band F to a band A the best you can get. Which shes very happy with.
    It seems harsh to me too considering I'm already eith Halifax for my current mortgage
     
  4. FWL

    FWL Member

    There are brokers out there who will specialise in those with zero hour contracts. Maybe try them?

    If the Halifax sees you are going to leave they might change their mind?
     
  5. realdeals

    realdeals Active Member

    Unfortunately, in this day and age lenders will use any negative credit history to limit your access to mortgage funding. There are specialists out there who would be able to secure funding but you may pay a higher interest rate. Personally, I think it is harsh and it may be worthwhile asking them what you can do to “get back in the good books”.
     
  6. Longterminvestor

    Longterminvestor Administrator

    If the Labour Party is to be believed, zero hour contracts will be a thing of the past in the future? The problem then, how would you guarantee regular hours for employees? Again, a lack of forward thinking and a knee-jerk reaction to curry favour with voters.
     
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