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Part time job mortgages

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Feb 6, 2023

Fact Checked By:
David Nicholson - Finance Editor

Can you get a mortgage with a part-time job? Yes, you can; here’s how:

As mortgage brokers, we often get asked, “Can I get a mortgage with a part-time job?”

The good news is, yes, you can but it may be more complicated than with a full-time job.

We have a few mortgage providers lending a mortgage deal to people with part-time jobs.

A mortgage advisor will help with your mortgage application, explain how much deposit you will require, discuss the minimum acceptable income and then introduce you to a mortgage provider whose lender criteria you meet.

Use our online mortgage calculator as a guide for your monthly repayments now on a part-time mortgage:

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Is it possible to get a mortgage if you have a part-time job?

The short answer for many borrowers is yes and the main thing lenders will look at when you apply for mortgages is your income. However, part-time work may make it more difficult for you to get a mortgage.

We’ll talk about this in the article to help you understand what options are available for you. If you’re interested in a part-time job mortgage, click the link below, and we will provide mortgage advice and then introduce you to a mortgage lender.

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Part-time and contract-type mortgages

Most mortgage lenders will consider you less risk if you are on a long-term or permanent contract.

Part-time workers are likelier to have lower incomes, which is especially important when looking at the affordability of a mortgage.

Lending period and part-time mortgages

“I just started a part-time job. Can I still get a mortgage?”

Yes! You still have options.

You can apply for a mortgage if you have a new job. However, affordability might be a concern if you want to borrow more than your income.

Different mortgage lenders require different lengths of employment. Some lenders want at least six months of work history while others prefer 12, but some lenders are willing to lend as soon as possible.

Some lenders will even consider a future contract if it is within three months of the original contract date.

Click the link below to speak with a specialist mortgage broker to get the best mortgage deal.

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What if there is a probationary period?

Some lenders will not approve of a probationary period for your part-time employment.

Others may require you to complete this before they accept your application, but this is something that expert mortgage advisors work with daily.

What is the maximum amount I can afford to get a mortgage with a part-time income?

Each lender uses a different method to calculate affordability and minimum income thresholds.

Some lenders use their affordability model, while others use a traditional income, multiple models.

Lenders can still get a semi-accurate maximum borrowing amount by using income multiples.

The average is around 4.5x your annual gross income, while the maximum is 6x at the time of writing.

You can use an online mortgage calculator to estimate your financial ability.

What is the minimum income required?

Lenders may require that you meet a minimum income threshold if you only earn a small amount of income.

This means they will refuse applicants with incomes below a certain level, such as £20,000.

Will my current borrowing impact the decision of affordability?

Nearly all lenders will consider your monthly outgoings. This could impact the amount you can borrow.

This is when you pay off your debts before your mortgage application. In this case, some lenders will consider your application as if there were no debts.

Other income sources can be used for the application.

Some lenders will consider benefits such as child tax credits, child benefit, child maintenance payments or working tax credits as part of your income. Keep in mind that lenders limit the amount they accept to your annual income.

For example, if you make £10,000 but receive £15,000 in benefits income, some lenders may consider your annual income to be £20,000 instead of £25,000.

You will need to talk to our mortgage brokers to introduce you to mortgage lenders who offer a mortgage with a part-time job or with bad credit.

Can I use a part-time job to apply for a mortgage?

Lenders may consider income from a part-time job and full-time employment. Every lender has a different policy.

Some lenders won’t consider second jobs, while others will accept them. Specific lenders will also accept income from third and fourth jobs as long as it is stable and sustainable.

What deposit is required if I work part-time?

It depends on the property’s value and what you can afford to borrow. For example, if the property is worth £200,000 and you earn a part-time income of £20,000, then you will need a deposit of £100,000.

The minimum deposit required is usually 5%. However, some lenders will consider 100% of the equity in a shared ownership mortgage. They may even allow you to borrow unsecured money to pay your deposit if that’s possible.

Credit history is another important factor in deposit requirements.

The mortgage deposit and loan-to-value

To get the right mortgage, it is essential to understand loan to value and deposit.
LTV (Loan to Value) refers to the amount of the property that the mortgage is covering.

LTV is 75% if your house is valued at £100,000 and your mortgage is £75,000.

You need two amounts to buy a house: the deposit and the mortgage. Together they must equal 100%. A deposit of 20% is required if you have an LTV of 80%. A deposit of 15% would require an LTV of 85%.

The lower your LTV is, the better the mortgage deal. Many mortgage lenders will accept LTVs between 85% and 90%. However, a few specialists may be able to talk to you about 95% LTV mortgages.

You’ll most likely need to deposit 10% to 15%. However, we may be able to find you a lender that will offer you a mortgage with a 5% deposit.
A crucial part of mortgage preparation is saving for the deposit.

To purchase a £90,000 property, you will need to save £9,000 – i.e. 10%.

You would also need to have an income of at least £20,000 to qualify for an £81,000 mortgage, with an LTV of 90%.

Can I still apply for a mortgage based on my part-time income if I have bad credit?

Bad credit history can be more difficult, but there is still hope. It all depends on your credit history, including when bad credit issues were first registered and the issue type.

Late payments, defaults and CCJs, Debt Management Plans, Bankruptcy, IVA or Repossession, how much the issue was, etc.

It’s a good idea to check your credit reports to assess your current financial situation. You can receive the free trial if you haven’t signed up before.

When you click the link below, a mortgage advisor can tell you which deals are available and what lenders consider bad credit or a part-time job.

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Is it possible to apply for a mortgage buy-to-let with a part-time job?

Part-time borrowers may have a more challenging time getting buy-to-let mortgages. Many lenders have income requirements that are higher than many part-time workers can meet.

The rule may vary depending on your experience of being a landlord. First-time landlords often have to have a minimum income of £18,000 to cover any potential rental voids.

Some lenders don’t require that you have a minimum income.

If you are an experienced landlord, there may be lenders that do not require that you have any income.

The reliability factor – The three key job stability facts:

It is essential to assess how reliable your job is. Part-time jobs can be short in terms of hours worked per week and contract terms. Regarding your work, it’s a good idea to present a steady front.

Time in employment measures how long you’ve been working at your job. However, this does not mean that lenders will reject you if you have only been working at your current job for a few months. Some lenders are okay with employment histories of between three and one months. A few lenders will even consider lending to you if your work contract has not yet begun!

The length of the contract – you should be able to promise continued employment through a work contract. You are more likely to meet the lender’s criteria if the contract is longer and any notice terms are better. It might be worth speaking to your boss to request a more secure contract. Many people will be glad to assist you if they understand that you are trying to get a mortgage.

Regular hours – The lender won’t mind if your shifts are changed around. However, knowing that you have a minimum of eight hours per week to your contract will lower their risk. While zero-hour contracts are not an immediate turn-away, they are riskier than those with stable hours.

For joint mortgage applications with one part-time applicant:

Mortgage applications jointly submitted to the lender will also be subject to the same affordability assessment as single applicants.

Although you may think that a more extensive mortgage will be more straightforward for you, the fact that one applicant is working full-time can result in a lower income being treated differently.

This is especially true for high-street lenders, who are more inclined to lend to lower-risk customers.

Some lenders will ask for proof that you have income. They also assess your affordability to determine where multiple incomes are used. Then they simply add the two incomes and move on.

This situation is best handled by specialist mortgage lenders to get a mortgage. Many of these lenders are not available to the general public and are only accessible by a mortgage broker.

Click the link to speak with an online mortgage advisor who can give you access to a specialist mortgage lender;

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What is the assessment of second jobs?

Many lenders will accept income from two part-time and one full-time job in your mortgage application. However, each mortgage lender may treat income from different sources differently.

Some lenders will accept a small percentage of your income from the second job, while others will accept income for six months or more.

Many lenders also consider how many hours you work in both your job and whether that is something you can and will manage well into the future.

This is because the mortgage application is intended to help the lender determine your risk as a customer and ensure you can continue making the mortgage repayments.

Mortgage specialists will approve your mortgage application if you are less risky than they think. Suppose they believe that your second job will not last, and the risk associated with your application rises.

In many cases, a second, part-time job can help you with your mortgage application.

However, in some cases, it might not be beneficial, and you should consider whether saving up for a deposit is a better option than applying for a mortgage.

Click the link below to begin your mortgage journey:

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