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Although most people are employed directly by a company, agency workers are employed by an agency and matched with an employer. This gives you more freedom to explore a variety of employers using your skill set. It may suit your lifestyle, allow you to travel or take on other hobbies.
However, agency work ends after a fixed term. As such you may have difficulty securing future income. This is the main reason why banks may not approve you for a mortgage.. Don’t worry, there are some lenders that do not see agency work as an issue.
Obtaining a mortgage can be more difficult than someone in full-time employment. But you still have options that we can talk through with you.
Our lenders will look at your employment history, track record of employment stability and your gross income to determine whether you will be able to afford the mortgage. They look past the label of ‘agency worker’ and examine your individual situation, allowing them to establish whether you will be able to service the monthly repayments.
The strongest cases are those that have been working in the same job for an extended period of time, ideally 12 months.
Unlike ordinary workers, agency workers move around from job to job and most are not permanently employed. Because of this, banks are of the view that agency workers pose a high risk of default. Due to the large turnover of workers banks believe there may be periods where you are out of work. As a result, your flow of income would be reduced and you may not be able to meet your debt obligations. However, not all banks take this view as this is not the case for all agency workers.
Yes, you can get a mortgage on a fixed-term agency contract!
One of the main concerns for professionals considering fixed-term roles is how this will impact other parts of their life such as their credit rating and ability to get a mortgage After all, mortgage lenders typically only approve those with a stable and guaranteed income.
But you’ll be pleased to know that even if you are on a fixed-term contract, you can still be accepted for a mortgage. There are both specialised and mainstream lenders out there that offer mortgages specifically to those on temporary or fixed-term contracts.
That being said, as income is not guaranteed after a certain period of time (that is, when your contract ends), eligibility criteria for a mortgage may be stricter for fixed-term workers.
Some of these criteria might include how long you have been employed in your current industry and whether or not you’ve had any prolonged periods of unemployment. If you’ve been pretty consistently employed, even on multiple fixed-term contracts, you’re likely to have your mortgage application approved.
Mortgage, lenders will look at a wide range of factors, that may include the type of contract that you’re on, whether it’s fixed-term or temporary, as well as whether your contract will be renewed, or has been been renewed at least once.
You’ll normally need to provide 3 months payslips & 3 months bank statements
You may also need a reference from your agency confirming that you have been employed on the same basis for the last twelve months.
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