Norfolk Mortgage for First-Time Buyers with Complicated Employment
The Scenario – First-Time Buyers with Complicated Employment Structures
Our clients, Oliver Francis and his partner, were
first-time buyers looking to purchase their first home in Fakenham. However, their employment circumstances posed a challenge: Oliver is an employed firefighter and also works as a retained firefighter on a zero-hour contract at the same fire station. His partner, the second applicant, is employed on a temporary contract rather than a permanent one.
The Challenge – Overcoming Employment and Income Criteria
The clients’ income structures presented complications in securing a mortgage. Lenders have stringent criteria when assessing applicants with zero-hour contracts or temporary employment, as these income types are often perceived as less stable or guaranteed over the long term. This led to concerns about the clients' ability to afford the mortgage, making it challenging to find a lender willing to proceed.
Our Solution – Researching the Market and Resolving Issues
NM Finance leveraged its access to the entire mortgage market to identify a lender willing to consider the clients’ unique income circumstances. We engaged directly with multiple lenders to confirm they would accept the clients’ income types and ensure the mortgage amount needed could be approved.
During the process, the initial lender declined the application due to concerns over the wording in Applicant 2’s temporary contract. NM Finance intervened, appealing to the lender’s business development manager and working closely with them to address their concerns. As a result, the lender reconsidered and ultimately approved the application, enabling the clients to secure the mortgage and purchase their first home.
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