Mortgages for Pieceworkers

Mortgages for Pieceworkers

We have assisted a number of clients who work on a piece work arrangement where they are paid for the piece of work or task they do, for example making shoes and getting paid for every shoe or laying bricks and getting paid for every brick laid. These clients typically tell us they are struggling to get a lender to consider all of their income they earn given their piecework employment. We do appreciate this can be frustrating, especially when some clients are paying rent at a higher level than the mortgage repayments would be.

Lenders are cautious regarding the remuneration packages paid to pieceworkers and have shown reluctance to lend given the perceived lack of stability, variability and security of income.

We do work with a number of mortgage lenders who are happy to consider piece workers and the income they earn. These lenders understand that their risk is reduced if a mortgage applicant can demonstrate a track record in their employment area or similar area.

We have assisted a number of piece worker clients in various scenarios, for both Buy to Let and Residential mortgages including under the Help to Buy scheme.