Mortgages for Social Workers

Southampton, Hampshire, National

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage, or any other debt secured on it.

Mortgages for Social Workers

When looking at general key worker mortgages, social workers contracts can be as complex as any, there are a variety of ways that you can be paid and therefore can cause some difficulty when looking to borrow money for a mortgage.

Alexander Southwell Mortgages brokers understand the different types of contracts, whether you are permanently employed, short term contracted, zero hour contracted or have your own limited company working under an umbrella company. Though we cannot provide accounting advice we can guide you through the mortgage maze to help you establish if you'll be eligible for a mortgage or not.

Permanent Contracts

If you are a Social Worker on a fixed contract you should be able to find a lender. Social Workers on a permanent contract can be accepted by the majority of lenders and potentially be able to borrow funds before they have officially started the contract of employment.


Umbrella Company Social Worker


If you are a Social Worker through an Umbrella Company normally the Agency you are working with referred you to this Service. This is also not as straightforward as it could be if you have a permanent contract. Again, the worry is that you may not securely be in this role and that it could end. This is very similar to having your own Limited Company or working as a Sole Trader, the lenders like having a minimum of having 12 month+ history of income.


Agency Worker


Currently there is great demand for agency work due to the increased pay, which can be an attractive prospect for social workers who want to earn more money and don't mind the lack of security of a temporary position. This does impact mortgage applications however, as the mortgage lenders like a solid stable salary and regular sustainable income on which to base their lending decisions and affordability calculations. It makes sense that if the applicant in a temporary role could find themselves out of work at any point, the probability of them missing mortgage payments are greater.

So how do you get a mortgage? Thankfully there are some specialist agency-friendly mortgage lenders out there for agency social workers, but they do have certain criteria you'll need to meet in order to gain approval:

Must have been in the current position with the same agency for minimum of 12 months

Ideally have relatively clean recent credit history (avoid any late/missed payments in the last 2 years)

Must have minimum of 5% deposit if clean credit or 20% if adverse credit

Must be borrowing within 5x income if clean credit or 4x income if adverse credit

We know that the long hours and strange shift patterns can make finding free time difficult to discuss your mortgage needs, so we can accommodate around you. We are happy to help whichever way suits you best. whether that be online by email, telephone appointments or traditional face to face appointments, including late evening appointments to work around your busy work schedule. 


If you work as a social worker and are thinking about applying for a mortgage,  call us for a no-obligation chat.

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