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Mortgages for Part-Time Workers

Comprehensive guidance for part-time workers looking for an affordable mortgage but dealing with the stumbling block of proving affordability without a full-time salary.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2024-06-14
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Mortgages for Part-Time Workers

Revolution Finance Brokers frequently hears from applicants who think they can't get a mortgage because they work part-time - but this simply isn't true!

The key is to look at your affordability and identify lenders who offer mortgage products that fit in with your borrowing requirements.

Here we'll run through how the application process works. For more help with finding a part-time worker mortgage, or comparing the rates available, give us a call on 0330 304 3040, or drop a message to [email protected].

How Do Part-Time Worker Mortgages Work?

Generally, permanent and full-time PAYE employment is the most straightforward basis for getting a mortgage approved. However, millions of people in the UK work part-time, on short-term contracts, or as a temporary employee.

There are many different mortgage products out there that might solve the problem:

  • Newly employed part-time workers can find a mortgage provided they can show that they can afford to keep up with the monthly repayments. Most lenders will want to see at least six months to one year of employment history, but if you have a contract, you can find an offer from day one of your new job.
  • Workers on probationary periods face a similar challenge. However, an independent broker can recommend niche lenders who are happy to consider applicants working through a probationary term.
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What Mortgage Value Can I Get in Part-Time Employment?

Affordability is an important metric, and the calculation basis varies between lenders. Most will work out your annual income and offer to lend up to 4.5 times that value. Others can lend up to six times, although that depends on meeting the eligibility criteria very closely.

Some lenders place a cap, whereby any applicant needs to earn at least £20,000 per year, for example. This criterion isn't universal, and we can advise which lenders have no threshold in place.

Your outgoings and other debts also matter since a lender will deduct your regular expenditure from your average income to work out what expendable income you have to pay the mortgage with.

Can I Combine Income Sources to Get a Part-Time Worker Mortgage?

You can indeed. Many people work part-time and have other income streams, including benefit income.

Most lenders will consider some benefits, although this depends on their policies.

For example, you can usually include working tax credits, child benefit and child tax credits as a source of income, provided you apply to a lender who accepts these revenue streams.

Some lenders place a cap on how much benefit income they will include in the affordability calculation, so it is vital to consult a broker before applying for a mortgage on this basis.

You can also include second jobs and combine all of your employment income, again dependent on applying to mortgage lenders who will include multiple income streams in their calculations.

What Deposit Do I Need for a Part-Time Mortgage?

The required deposit depends on how much you need to borrow and how much you earn. For example, if you earn £20,000, a lender might offer a maximum mortgage of £100,000 - and the deposit will be whatever the difference is between that value and what you need to borrow.

In most cases, deposits must be at least 5% of the property value. You can also consider a shared ownership mortgage as an alternative.

Can I Get a Part-Time Mortgage With Bad Credit?

Sometimes, yes - and while bad credit can make it harder to find a mortgage offer, it doesn't mean that you won't be able to get a mortgage at all.

A lot depends on when the credit issues occurred, how serious they were, and if you've since repaid your debts. It's always a good idea to access your credit report before a mortgage application to ensure this is up to date and any queries have been resolved.

Expert Advice with Mortgages for Part-Time Workers

Working part-time might mean that your income isn't as high as someone with a full-time job, but it doesn't mean you can't get a mortgage!

The key is to work with an independent, whole-of-market broker who can advise on mortgage products that suit your income level and will ensure you can afford to keep up with the repayments.

Give the mortgage advisors team a call on 0330 304 3040, or send us a message to [email protected] to get the application process started.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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