"Explained things in concise clear language. Easy manner - no pressure - created environment to make a decision."
Mr & Mrs M., Leeds, West Yorkshire
Your employment status (i.e. the type of employment you are currently in) will always be checked by a lender, prior to them making an offer of mortgage to you.
So here we explore and explain the different types of employment status and how they may affect you being able to borrow mortgage funds. We also take a look at how we may be able to help you with a mortgage.
Table of Contents:
So, 'What is Employment Status and how will it affect my chances of obtaining mortgage funding?' you may well be asking.
As you might imagine, a persons employment status is nothing more complicated than the type of employment they are currently in. For instance a person may be in part-time employment, self-employed or retired. We'll discuss the numerous different types of employment status a little later on.
Your status of employment will always be checked by a mortgage lender before they make an offer of mortgage to you.
You may be surprised to know that some mortgage lenders may even now consider mortgage funding for those applicants who are retired or even unemployed! Naturally, this will always depend upon the individual circumstances of the applicant. We'll explore these possibilities in a moment or two, together with how Shire Direct may well be able to help!
There are numerous different categories of employment status, and these include:
So, how does your employment status affect your eligibility to borrow mortgage funds? Well, to one extent or another, certain lenders could consider all of the above employment types, although some categories are more likely to be acceptable than others.
At Shire Direct, we have an extensive portfolio of specialist mortgage products that will consider most income types, so let's have a look at how that could affect the eligibility of your mortgage borrowing.
Yes, not a problem! A brief call to one of our expert advisors will normally sort it out for you! You'll find us to be approachable, friendly, and helpful, and what's more we'd be delighted to help in any way we can!
You see here at Shire Direct we have an extensive range of mortgage products and lenders that are designed to provide funding across the spectrum of employment status types. So, however you derive your income, we should have a solution for you!
After a brief assessment of your circumstances and requirements, we'll provide you with a speedy in principle decision, and our qualified advisors are available to discuss the options open to you up to 10.00pm every day - including weekends on our FREEPHONE line 08000 282 281, or alternatively you can also enquire online at any time. We'd love to hear from you!
So, that wraps up our look at employment status and mortgage borrowing. We hope we've been able to answer any initial questions you had and have satisfactorily explained how different employment status types may affect your chances of mortgage borrowing. There is a vast amount of information throughout our site which we hope you will find useful, so why not put some time aside and take a look into the different options that may be available to you, and don't forget we're just a free telephone call or a couple of mouse clicks away if you feel we can be of assistance.
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
Over £2,000 worth of Argos Vouchers to be won in the Shire Direct Grand Prize Draw 2008! Terms and conditions apply - please read article for full details.
Claim £100 worth of Argos Vouchers upon completion of your transaction throughout 2008. Terms and conditions apply - see our Vouchers Special Offer page for full details.
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.
