Ipswich BS amends lending terms for zero hour mortgage applicants
Ipswich Building Society has announced that it has amended its lending terms to allow creditworthy zero hour contract workers access to its range of mortgage products.
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 three months' payslips along with other standard supporting documents.
Latest data from the 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 over two years.
The number of workers on zero hours contracts has now reached a record high of 910,000.
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.”