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Mortgages for Agency Workers

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An agency worker is someone employed by a recruitment agency and assigned to work temporarily for different companies.

These workers typically fill short-term or seasonal roles, offering flexibility for both employers and the workers themselves.

Agency workers may have varied terms and conditions compared to permanent employees and often work in sectors such as healthcare, education, and construction.

Is an agency worker the same as a contractor?

No, an agency worker is not the same as a contractor. Agency workers are employed by a recruitment agency and work on temporary assignments.

In contrast, contractors are usually self-employed or operate as businesses, providing services to clients under contractual agreements.

Contractors have greater control over their work terms and are responsible for their own taxes and insurance.

Can agency workers get a mortgage?

Yes, agency workers can get a mortgage, though it may be more challenging than for permanent employees.

Some lenders are willing to consider the unique employment circumstances of agency workers, but the application process may require additional documentation to prove consistent income.

You’ll typically need to demonstrate a stable 12-month employment history in order to be in with the best chance of getting a mortgage.

What kind of agency workers can apply for a mortgage?

Agency workers from various sectors, such as healthcare, education, IT, and construction, can apply for a mortgage.

Lenders are often more inclined to consider applications from agency workers who can demonstrate a steady work history and consistent income over an extended period.

How much can an agency worker borrow for a mortgage?

The amount an agency worker can borrow for a mortgage depends on factors such as income, credit history, and the lender’s criteria.

Typically, lenders may offer certain multipliers, although this can vary based on individual circumstances.

What is the eligibility criteria for an agency worker to get a mortgage?

Eligibility criteria for agency workers to get a mortgage typically include:

Why is it difficult for agency workers get a mortgage?

It can be difficult for agency workers to get a mortgage because lenders often view their income as less stable compared to permanent employees.

The temporary nature of their contracts and potential gaps between assignments may raise concerns about their ability to make regular mortgage payments.

Will it help my mortgage application if I’m offered a permanent contract by my agency?

Yes, being offered a permanent contract by your agency can significantly improve your mortgage application.

A permanent contract provides lenders with assurance of a stable and consistent income, making you a lower-risk applicant.

Can I get a mortgage as an agency worker with bad credit?

It is possible to get a mortgage as an agency worker with bad credit, but it may be more challenging. Lenders may impose stricter conditions, such as higher interest rates or larger deposit requirements.

Working with a mortgage broker who specialises in helping individuals with bad credit mortgages can increase your chances of finding a suitable mortgage.

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About the Author

Malcolm Davidson

Managing Director of UK Moneyman LTD

Malcolm is one of the UK’s most well-known and respected Mortgage Advisors. He is passionate about providing a 5* customer experience and he has also trained and mentored dozens of fellow Advisors in a career that is now in its third decade.

In addition to his day to day duties as Managing Director, Malcolm still gives out mortgage advice and feels lucky that his job is also very much his hobby.

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