Getting a Mortgage With a Part-Time Job

If you’re a part-time worker and you’re looking to get a mortgage, this article explains what you’ll need to know whether it’s possible.

What is your employment status?

Home Income Types Getting A Mortgage With A Part-Time Job
Pete Mugleston

Author: Pete Mugleston

Mortgage Advisor, MD

Updated: March 15, 2024

Here we look in detail at getting a mortgage if you work part-time, whether it’s possible, how to go about applying for one and why using a mortgage broker could boost your chances of approval.

Can you get a mortgage with a part-time job?

Yes. There are no rules that say the amount of hours someone works in a week has any correlation to whether you’ll be accepted for a mortgage or not. The way it might indirectly affect your approval, however, has more to do with your income and the fact that part-time employees are more likely to be on a lower income.

So, while in theory, you can get a mortgage if you work part-time, what really lenders are occupied with is your affordability status.

Lenders might question the following:

  • Could your part-time wage substantially cover your repayments?
  • Is your credit history secure and robust?
  • Perhaps you’ve worked your way up and your part-time salary is higher than some people’s full-time wage?
  • Is your deposit significant?
  • Is your employment long-term, secure, and stable?

Whatever the situation, your application will be considered on an individual basis and judged on your overall position as a borrower, not just how many hours a week you put in. It’s advisable to get the support of a good broker if you’re hoping to get a mortgage while working part-time, as they will be able to direct you to the most appropriate lenders for these circumstances.

How is it possible?

It might be possible to get a mortgage with a part-time job if you’re deemed suitable by a lender based on the merit of other income factors.

For example:

Other revenue sources

If you have assets you can draw upon, lenders may be willing to take these into account with proof of this income.

An example would be:

  • Rental property income
  • Trust fund
  • Pension income
  • Stocks and shares
  • Benefits
  • Bonuses

Your salary might be high enough

It’s also possible if you still earn a considerable wage, despite working part-time hours, of course. Some lenders are known to have a generous minimum income limit, such as Aldermore at £10,000, Teachers Building Society at £13,000 and United Trust Bank at £15,000. There are plenty of lenders who do not stipulate a minimum income requirement at all, and while they will certainly have careful affordability checks in place, it shows they are willing to consider applicants on a case-by-case basis.

This might be a joint mortgage

If you’re looking for a joint mortgage with a spouse or partner then both of your incomes will be taken into account, which improves your chances of reaching that affordability target. Especially if the other applicant works full-time, or has sufficient earnings.

Other beneficial criteria

Lenders might view additional components to your loan request favourably if your salary is lower than they would like.

These factors include…

  • Deposit: If you have a sizable enough chunk of money to put down as equity in a home, this will bring down the amount you might want to borrow. While this isn’t enough to get your mortgage approved alone, it will help your efforts if you do.
  • Minimal outgoings: If you manage your budget well and your finances are in good working order, this will boost your worth as an applicant.
  • Financial history: If you have an impressive credit history behind you, this might help your mortgage ambitions.
  • Age: If you’re within the age parameters set for the preferred lending standards, this will also go in your favour. You might face higher income limits if you’re in retirement age, for example.

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How to get a mortgage with a part-time job

Your first step should be to find a specialist mortgage broker with experience arranging mortgages for people in a similar situation as this will boost your chances of getting approved at the best terms available.

Using our free broker-matching service you can speak straight away to the right broker by simply making an enquiry online. They’ll be able to help with:

  • Readying all the necessary paperwork and documentary evidence mortgage lenders would expect to see specifically from someone who is a part-time worker
  • Downloading and optimising your credit reports in order to spot any inaccuracies and outdated information that could hinder your application
  • Finding the right lender and securing the best deal for you

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Work out your maximum borrowing

Generally speaking, if you do qualify for a mortgage, you should be able to borrow about 4 to 4.5 times your annual income, although for some applicants lenders are willing to stretch income multiples up to 5 times or even 6 times. For example, this means if your salary is £12,000, you could potentially borrow between £54,000 and £72,000.

Use our mortgage calculator to get an idea of what you might be able to borrow. You should note that this is for rough estimates only, and the many nuances that come with loan applications can’t be taken into consideration. It can provide a starting point though.

Mortgage Affordability Calculator

Use this calculator to determine how much you could potentially borrow for a mortgage, based on the typical salary multiples used by most UK lenders.

Input full salaries for all applicants
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Your Results:

You could borrow up to 

Most lenders would consider letting you borrow

This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.

Some lenders would consider letting you borrow

This is based on 5 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.

A minority of lenders would consider letting you borrow

This is based on 6 times your household income, a salary multiple you will struggle to get without a broker. Six-times salary mortgages are usually only available under very specific circumstances.

Get Started with an expert broker to find out exactly how much you could borrow.

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Will the rates and deposit requirements be higher?

The interest rate you pay will not be based on the amount of income you earn or the number of hours you work. It will always be determined by how much deposit you put down, as well as how the lender views you as a borrower. The loan-to-value (LTV) you’re likely to secure will depend on your own earnings, but be aware the higher the LTV, the bigger the risk to the banks, which often means the higher the rates.

If you are able to gather a healthy deposit that lowers that LTV, and you have good credentials in other areas, you’re far more likely to be rewarded with better interest rates.

Get matched with the right mortgage broker

Working with a knowledgeable, well-connected and experienced mortgage broker who specialises in working with clients either on low incomes or in challenging financial circumstances, such as a bad credit history or employment that’s unregulated or part-time, can make all the difference to your efforts in getting a mortgage.

In challenging and complex circumstances, the brokers in our network work hard to get the very best deals for you and hold your hand towards home ownership. They understand the market and how best to present your case to specific lenders. We can match you with the right person for your situation. Simply call us on 0808 189 2301 for a free initial consultation or make an online enquiry for details.

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FAQs

This will depend on whether you have other income that lenders can see and how experienced you are as a buy-to-let landlord.

For example, you’ll likely need to qualify for a minimum income threshold if you’re a first-time landlord to assure lenders of affordability, however, if you have years behind you as a landlord, some lenders might not need to see any personal income at all to have confidence in lending to you.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

Part-time? No problem! Maximise your chances of approval whatever your income

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