Ipswich Building Society Now Offer Zero Hour Mortgages

Whether you like them or loathe them, the number of people working on a zero hour contract is on the rise, and this has created a bit of a headache when it comes to mortgage lending.

As a general rule, mortgage lenders like stability when it comes to employment. The way people work has changed a lot in recent years, however, and this has resulted in lenders having to look again at their lending criteria, to see if changes need to be made to service the more specific needs of flexible workers in the modern economy.

One such lender is Ipswich Building Society. For a while now, Ipswich Building Society have been a market leader in trying to help those people who might ordinarily find it more difficult to obtain a mortgage, so called ‘mortgage misfits‘.

This would include those who are self-employed, those who are looking to self-build their own properties and those who are disabled, to name just a few.

Ipswich have now also adjusted their mortgage criteria on all of their mortgage products to enable those who work on a zero hour contract to be eligible to apply and be accepted, as long as they meet the rest of Ipswich’s mortgage lending criteria.


Ipswich Building Society Now Offer Zero Hour Mortgages - Richard Norrington - Image Via Ipswichstar.co.uk

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Richard Norrington, who is the CEO of Ipswich Building Society, said on the matter:

“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.”

The changes to Ipswich’s lending criteria came into effect on the 1st of March 2017. So, if you are a zero hour worker and have been searching for a mortgage somewhat unsuccessfully, then you don’t need to wait around to see if Ipswich might accept you.

Just head on over to the Ipswich Building Society website, take a look at their lending criteria to see if you meet their requirements, and if you do, make an application.

It’s worth mentioning here that Ipswich do ask that zero hour workers have a minimum of 18 months’ work history within their role and that they are able to present their P60 along with 3 months’ payslips and any other standard documentation for the application to be assessed.


Ipswich Building Society Now Offer Zero Hour Mortgages - Richard Norrington - Image Via Ipswichstar.co.uk


The reason Ipswich are able to be more flexible with their lending criteria – to open up the door for zero hour workers – is because they employ something known as manual underwriting.

This means that each, and every Ipswich mortgage application is looked at by a human underwriter, instead of letting a computer make the decision.

This allows lenders like Ipswich Building Society to take a more personal approach to mortgage lending, which is potentially great news for those on a zero hour contract.

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