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Zero Hour Contract Mortgage Press Release

1 Mar 2017

2 min read

Added: 1 March 2017

 Ipswich Building Society changes its lending criteria to help zero hour contract mortgage applicants

Ipswich Building Society has amended its lending terms to allow creditworthy zero hour contract workers access to its range of mortgage products.

Zero hour contract workers typically face difficulty when applying for a mortgage because they do not have fixed contracted hours of employment and therefore fail to meet the underwriting criteria of some banks and building societies. Latest data from ONS  for April 2016 to June 2016 revealed that more than a third (34.2%) of zero contract employees actually worked full time, with 41% having been with their employer for 2 years plus.

Ipswich Building Society takes the personal situation and income circumstances of each applicant into account by applying its manual underwriting procedures to all mortgage applications, as opposed to the ’automatic’ underwriting approach. Zero hour workers need to have a minimum of 18 months history of working within their role and be able to supply their P60 and 3 months payslips along with our other standard supporting documents in order to be assessed for a loan.

Richard Norrington, Chief Executive of Ipswich Building Society, commented: “Zero hour contract workers have limited choices for mortgage borrowing. We are continuing to improve our products and introduce new programmes to help those who are creditworthy, yet marginalised by mainstream mortgage lenders. We believe that ‘mortgage misfits’, such as those who are on a zero hour contract and can demonstrate a consistent income, should have the same level of options and access to the mortgage market as any other applicant.”

This change in lending criteria will be effective from 1 March 2017, available across all products to direct applicants and selected brokers.




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