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Working on a fixed-term contract, through an agency or under an umbrella company doesn’t necessarily prevent you from getting a secured loan.
We work with lenders that can consider a range of employment arrangements, including CIS contractors, subcontractors, zero-hours workers and people on temporary contracts.
Some lenders can consider applicants with as little as three months of continuous employment history, subject to their individual criteria and the evidence available. Others may require a longer employment history, a contract renewal or additional income documentation.
The important thing is understanding how you’re employed, how you’re paid and which lenders will accept your circumstances.
At Willows Finance, our specialist team can check these details against lender criteria before identifying suitable options.
Yes. There are secured loan lenders that accept applicants working on fixed-term contracts, including some relatively short contracts.
The lender will usually want evidence of your employment, including your job title, salary, how long you’ve worked for your employer and how much time remains on your current contract.
The minimum requirements vary between lenders.
For example, some lenders can consider applicants with three months of continuous employment with the same employer, provided they have verifiable payslips and can evidence their employment history.
Other lenders may require at least 12 months of employment history and one contract renewal.
The amount of time remaining on your contract can also affect the application.
Some lenders require evidence that your contract will be extended if fewer than six months remain. Other lenders may require confirmation of renewal when fewer than three months remain.
This means that having a short period remaining on your contract doesn’t automatically prevent you from getting a secured loan, but the lender may want reassurance about your future employment and income.
If your contract is due to end soon, our advisers can check which lenders may consider your circumstances and whether evidence of renewal will be needed.
Yes. We work with lenders that can consider applications from contractors working under the Construction Industry Scheme (CIS).
The way your income is assessed can depend on your working arrangements and how you’re paid.
Some lenders assess CIS contractors as self-employed and may ask for tax calculations, tax year overviews or other evidence of declared income.
However, some lenders can assess CIS contractors using employed-income criteria, particularly where tax is deducted at source and the deductions are shown on the relevant payslips or payment statements.
This can make a significant difference to the documents required and the way your income is calculated for affordability.
The lender will still need to establish that your income is sufficient and sustainable and that you meet its other eligibility requirements.
If you’re a CIS contractor, we can look at how you receive your income and identify lenders that may be able to assess it using the most suitable criteria.
Yes. There are secured loan lenders that can consider subcontractors, although the way you’re assessed will depend on your employment and payment arrangements.
Some lenders may treat you as employed, while others will assess you as self-employed.
For example, where tax and National Insurance are deducted at source by an employer or umbrella company, some lenders may assess your income using employed-income criteria.
Where you invoice for your work and are responsible for declaring your own income, self-employed criteria may be more appropriate.
Some lenders can consider subcontractors under their employed-income criteria where they can demonstrate:
At least three months of continuous employment with their current employer
A 12-month income history
A current contract
Payslips showing tax and National Insurance deductions at source
Other lenders may have different requirements depending on the type of subcontracting arrangement.
This is why it’s useful to establish how a lender will classify your income before making an application.
Our advisers can review your contracts, payment arrangements and income history to help identify lenders whose criteria may be suitable.
Yes. We work with lenders that can consider contractors who receive their income through an umbrella company.
An umbrella company will typically employ a contractor and pay them through PAYE while they undertake assignments arranged through an agency or another business.
Lenders can assess umbrella-company income differently, so the documents required and minimum employment history can vary.
For example, one lender may ask for:
The last two months of computer-generated payslips, or the last eight payslips if you’re paid weekly
A copy of your current contract
Other lenders may require 12 months with the same agency.
Where a contractor has moved from operating through their own limited company to an umbrella company, some lenders may consider an application after three months with the umbrella company, provided the required employment history can be evidenced.
Depending on the lender, you may also need to supply the last three months of remittance advice showing payments made by BACS into your bank account.
Some lenders may ask about the length of your current contract, the time remaining or the number of guaranteed working days.
We can also help identify lending options for contractors whose arrangements involve inside or outside IR35 working, although the relevant tax status and income evidence will need to be established.
If you’re paid through an umbrella company, our advisers can check your contract, payslips and employment history against the requirements of different lenders.
Yes. Some secured loan lenders accept applicants working on zero-hours contracts.
Although your hours and earnings may vary, lenders can consider your employment history and the consistency of your income when assessing affordability.
For example, some lenders can consider zero-hours workers with a minimum of three months of continuous employment with the same employer, provided they have verifiable payslips and can evidence a full three-month employment history.
Other lenders may require a longer track record or additional evidence of earnings.
The lender will also assess your income, expenditure, existing credit commitments and ability to afford the repayments.
If you’re on a zero-hours contract, we can look at your recent payslips and employment history to establish which lenders may be able to consider your income.
You may still be able to get a secured loan, but some lenders will want evidence that your contract is likely to continue.
For example, some lenders require confirmation of a contract extension when fewer than six months remain.
Other lenders may only require evidence of renewal when the remaining contract term is less than three months.
Your previous employment history, contract renewals and income evidence may also influence how the application is assessed.
If your contract is approaching its end date, it’s worth establishing the lender’s requirements early so you know whether confirmation of renewal will be needed.
Yes. Some secured loan lenders accept applicants working on zero-hours contracts.
Although your hours and earnings may vary, lenders can consider your employment history and the consistency of your income when assessing affordability.
For example, some lenders can consider zero-hours workers with a minimum of three months of continuous employment with the same employer, provided they have verifiable payslips and can evidence a full three-month employment history.
Other lenders may require a longer track record or additional evidence of earnings.
The lender will also assess your income, expenditure, existing credit commitments and ability to afford the repayments.
If you’re on a zero-hours contract, we can look at your recent payslips and employment history to establish which lenders may be able to consider your income.
Getting a quote won’t affect your credit score
Yes. We work with lenders that can consider applications from agency workers and people employed on temporary assignments.
Lenders will usually want to understand how long you’ve been working through an agency, whether you’ve had continuous assignments and how consistently you’ve been paid.
Some lenders can consider applicants with as little as three months of agency work, subject to having verifiable payslips and a full written record of employment assignments covering that period.
This may include assignments arranged through more than one agency, depending on the lender’s criteria.
Other lenders may require a minimum of six months of agency employment history.
The lender may also consider the nature of your work, any gaps between assignments and the sustainability of your income.
If you’ve worked through several agencies, having a clear record of your assignments and payslips can help establish your employment history.
Our advisers can check whether your agency work meets a lender’s minimum requirements before you proceed.
We’re extremely proud to be rated ‘Excellent’ for our service standards. We’ve helped thousands of customers across the UK over the last 15 years to find the right finance for their needs – no matter how complicated the circumstances. And we look forward to helping you.
The documents required will depend on your employment arrangements and the lender’s criteria.
You may be asked to provide:
Your current employment or contractor agreement
Recent payslips
Evidence of your employment or assignment history
Confirmation of contract renewal or extension, where required
CIS payment statements
HMRC tax calculations or tax year overviews, where applicable
Umbrella-company payslips or remittance advice
Bank statements showing income received
Evidence of tax and National Insurance deductions, where relevant
Not every lender will require all of these documents.
One lender may be able to assess your income using recent payslips, while another may require a longer employment history or additional tax documentation.
Our advisers can explain what will be needed once we understand how you’re employed and paid.
Having a fixed-term contract, working through an agency or being paid under CIS or an umbrella company doesn’t necessarily prevent you from getting a secured loan.
However, different lenders can take very different approaches to your employment history, contract length and income.
At Willows Finance, we can review your working arrangements, payslips and contract history before searching our panel for lenders whose criteria may be suitable.
Whether you’ve recently started a contract, have a renewal approaching or have worked through several agencies, our specialist brokers can help establish what options may be available.
If you’re working in the UK on a visa, our guide to secured loans for visa holders may also be useful. If you’re a UK resident working offshore, you can read our secured loans for offshore workers guide.
Request a free quote or call Willows Finance on 01656 766 158 to discuss your circumstances.
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At Willows Finance we ensure your personal information is kept secure and confidential.
PRIVACY OF YOUR INFORMATION
At Willows Finance Ltd, we appreciate that your privacy is extremely important to you. With this in mind, we have put in place a number of measures to ensure that any personal details we obtain from you as a result of visiting this website is processed and maintained in accordance with accepted principles of good information handling and also in accordance with the Data Protection Act 1988.
This statement provides you with details of the type of information we may hold about you, how we obtain and use information and how we protect your privacy.
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Authorised and regulated by the Financial Conduct Authority
Firm Reference Number: 670052
Company Number: 06678545 (Registered in England and Wales)
This document explains the services we provide, the range of lenders and products we consider, how mortgage advice may be provided, and how Willows Finance may be paid. Please read it carefully before proceeding with an application.
If you need clarification about any part of this document, please contact us on 01656 766158.
Willows Finance arranges first and second charge mortgage products. Depending on the circumstances of the application, these may include:
We also arrange both regulated and unregulated bridging finance.
Not every product will be suitable or available to every customer. The products considered will depend on your circumstances, borrowing requirements, purpose of the borrowing, property, intended use of the property and the relevant lender criteria.
Depending on your circumstances, Willows Finance may:
If you are looking to increase borrowing secured on a property which already has a regulated mortgage, there may be different ways of raising the additional funds. Depending on your circumstances, these may include:
Where applicable, we will make you aware of these alternatives before proceeding. The options we are able to assess or advise on will depend on the service being provided and the lenders available to us.
The regulatory status of a mortgage or bridging loan depends on the circumstances of the transaction, including the property, how it is or will be occupied, the purpose of the borrowing and the customer’s circumstances.
Our business includes:
We will identify the regulatory status applicable to your application and explain the service and protections that apply. The protections available to you can differ depending on the type of mortgage or loan.
The range of lenders and products we consider depends on the type of finance you require.
We offer a comprehensive range of second charge mortgages from across the relevant market using a representative panel of lenders. We review our panel regularly to ensure that it remains sufficiently broad and representative. We do not consider products that are only available by applying directly to a lender.
We only offer first charge mortgages from a limited panel of 13 lenders. We consider the first charge mortgage products made available to us by Kensington Mortgages, The Mortgage Works, Aldermore, United Trust Bank (UTB), Together, Masthaven, West One, Norton, Bluestone, Vida, Pepper Money, Mansfield Building Society and Nationwide Building Society.
We do not offer every first charge mortgage available from across the market.
We consider products from a range of lenders available to Willows Finance for the relevant transaction.
Consumer Buy-to-Let and unregulated Buy-to-Let applications are considered within the relevant first charge, second charge or bridging route, depending on the structure of the transaction.
We do not provide a whole-of-market service and do not claim to consider every mortgage or secured finance product available in the UK. Our assessment is based on the lenders and products available through our lender and distribution arrangements.
Where the applicable regulatory rules require us to identify the lenders whose products we offer, the relevant lender list will be provided to you in a durable medium as part of the initial disclosure for your application. A lender list is also available on request where applicable.
The service provided will depend on the lender, product and application route identified for your circumstances.
Where Willows Finance provides the mortgage advice, we provide an advised mortgage broking service. We will obtain information about your needs and circumstances, assess the lending options available within the scope of our service and, where appropriate, make a mortgage recommendation.
We will make it clear where Willows Finance provides the mortgage advice and recommendation.
We may also provide a packaging service. This is a non-advised administrative service under which we may collect information and supporting documents, complete administrative checks, liaise with the relevant parties and submit or progress an application.
When we provide a packaging service, we do not assess the suitability of the mortgage, provide mortgage advice or make a personal recommendation. Any regulated mortgage advice or recommendation will be provided by the appropriately authorised intermediary responsible for advising you.
Our packaging service is not a regulated advisory service. However, the mortgage itself and any arranging activity connected with it may still be regulated and subject to the applicable regulatory requirements. We will explain the nature and regulatory status of the service we are providing before you proceed.
For some applications, particularly certain second charge mortgage applications, our sourcing exercise may identify a route where the subsequent mortgage advice is provided by another regulated mortgage intermediary.
In these cases, the Willows Finance service may include:
After the introduction, the receiving intermediary may take over the detailed application, advice and recommendation process. We will make it clear where this type of referral arrangement applies.
Where our sourcing process identifies Evolution Money Limited as an appropriate route and we introduce your application to Evolution Money, Willows Finance will not provide the regulated mortgage advice or make the final mortgage recommendation in relation to the Evolution mortgage.
Following the introduction, Evolution Money Limited will take over the detailed application and advisory process. Evolution Money will assess your needs and circumstances and will be responsible for any regulated mortgage advice and recommendation it provides in relation to the Evolution mortgage.
Willows Finance remains responsible for the service it provides before and in connection with the referral, including its initial assessment, sourcing and introduction activity.
If you are experiencing financial difficulty, or if you are considering borrowing to consolidate existing debts, free and impartial debt advice is available from MoneyHelper and other free debt-advice organisation.
MoneyHelper: www.moneyhelper.org.uk
You should consider obtaining free debt advice if you are unsure whether further borrowing or debt consolidation is right for you.
We process your personal information in accordance with our Privacy Policy. Where we introduce you to a lender or another intermediary, that organisation will process your information in accordance with its own privacy information.
Willows Finance Privacy Policy: willowsfinance.co.uk/privacy-cookie-policy/
The way Willows Finance is paid depends on the lender, product and application route. We may receive a fee paid by you, commission paid by a lender or another third party, or a combination of these. We will explain the basis on which we will be remunerated in connection with your application.
Where Willows Finance off an advised service our fees are split into two parts. A fee for the advice you receive and a fee for the processing of the application to completion. Both of these fees can be added to the loan rather than paid upfront or you have the option of paying them in advance. We do not arrange loans below £10,000.
For the advice the fee is as follows;
For a first charge mortgage, our advice fee is 5% of the amount borrowed, subject to a minimum fee of £625 and a maximum fee of £1,250.
For a second charge mortgage, our advice fee is 5% of the amount borrowed, subject to a minimum fee of £625 and a maximum fee of £1,750.
For a first charge mortgage, our processing fee is 5% of the amount borrowed, subject to a minimum fee of £625 and a maximum fee of £1,250.
For a second charge mortgage, our processing fee is 5% of the amount borrowed, subject to a minimum fee of £625 and a maximum fee of £1,750.
| Service | First charge | Second charge |
|---|---|---|
| Advice fee | 5%, min £625, max £1,250 | 5%, min £625, max £1,750 |
| Processing fee | 5%, min £625, max £1,250 | 5%, min £625, max £1,750 |
On borrowing of £10,000 5% would be £500, but the minimum fee for advice and processing means that we would charge £625 for each to £1250 in total.
On borrowing £20,000 the total fees would be £2,000
On borrowing £50,000 the maximum fee means that we would charge a total of £2500 for a 1st charge mortgage and £3500 for a 2nd charge mortgage.
If your mortgage or loan completes following an introduction made by Willows Finance, we will receive commission from the lender or another third party in the distribution chain unless we tell you otherwise. Different lenders may pay different amounts and may use different commission models.
Commission models may include:
The availability or amount of commission does not determine which lender we consider appropriate for your circumstances. Where applicable, we will tell you that commission will be received.
For an MCD regulated mortgage (a mortgage within the Mortgage Credit Directive rules), where the exact amount of commission is not known at the time of the initial disclosure, we will tell you that the actual amount will be disclosed later in the ESIS. Where applicable and on request, we will also provide information about how commission levels vary between lenders offering the mortgage being considered.
Where we introduce you to Evolution Money, the commercial arrangement is different from a broker fee charged directly by Willows Finance.
Under the current Evolution arrangement, Evolution Lending charges a Product Fee equal to 10% of the net loan advance, subject to a maximum of £5,000. If the mortgage completes, Evolution pays the corresponding amount to Willows Finance as commission/remuneration for the sourcing, distribution and introduction service.
The amount of the product fee and the amount of remuneration payable to Willows Finance will be disclosed to you in the relevant mortgage documentation before completion.
Example: on a £10,000 net advance, a 10% Product Fee would be £1,000. The actual Product Fee and the amount of commission payable to Willows Finance will be set out in the relevant Evolution mortgage documentation before completion.
If you choose to add a Product Fee or other fee to your mortgage, interest will be charged on that amount while it remains outstanding, increasing the total amount you repay.
Where a Willows Finance fee is payable only on completion, it will not become payable if the mortgage does not complete. Any fee payable before completion, third-party costs and the circumstances in which a fee is refundable or non-refundable will be explained where applicable.
Fees which have become payable following completion are generally non-refundable unless the relevant contractual terms, applicable law or regulatory redress require otherwise.
Before you become bound by a regulated mortgage, you will receive the relevant mortgage illustration or European Standardised Information Sheet (ESIS) and the lender’s offer documentation as applicable.
These documents contain important information about the proposed mortgage, which may include:
Please read these documents carefully. If anything is unclear or does not reflect your understanding, contact the firm responsible for the advice or recommendation before proceeding.
You may tell us that you no longer wish to proceed with an application before completion. Whether any third-party cost is payable or refundable will depend on its own terms.
For an MCD regulated mortgage (a mortgage within the Mortgage Credit Directive rules), the lender will provide a binding offer with a reflection period of at least seven days. You may normally accept the offer during that reflection period if you decide to proceed.
Once a mortgage has completed, there is generally no right simply to cancel or withdraw from the mortgage. You may have a right to repay the mortgage early in accordance with its terms, and an early repayment charge may apply.
Always check the early repayment section of the ESIS and mortgage offer before completion if early repayment or regular overpayments are important to you.
If you miss or make late payments, the lender may apply charges, and your credit record may be affected. Continued failure to maintain payments may result in enforcement action and ultimately repossession of the property used as security.
If you are experiencing financial difficulty, contact your lender as soon as possible and consider obtaining free independent debt advice.
Consolidating existing debts into a mortgage can reduce monthly payments but may increase the total amount of interest you pay if the borrowing is repaid over a longer period.
Debts which are currently unsecured may become secured against your home. Extending the repayment period may mean that you pay considerably more overall even where the monthly payment is lower.
Interest rates on variable-rate mortgages can increase, which may increase monthly repayments and the total amount repaid.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.
If you are dissatisfied with any aspect of the service provided by Willows Finance, please contact us:
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Telephone: 01656 766158
Email: [email protected]
We will investigate your complaint in accordance with our complaints procedure. If you remain dissatisfied with our final response, or in other circumstances where you are eligible to do so, you may be able to refer your complaint to the Financial Ombudsman Service.
Financial Ombudsman Service: www.financial-ombudsman.org.uk
Where another regulated intermediary has provided the mortgage advice or recommendation, complaints about that firm’s advice should normally also be raised with that firm. You can still complain to Willows Finance about the service provided by Willows Finance.
The Financial Ombudsman Service can generally consider complaints about regulated or otherwise covered activities, including certain activities that are ancillary to them. It may not be able to consider a complaint that relates solely to an unregulated product or service and has no connection with a regulated or otherwise covered activity. Whether a complaint falls within its jurisdiction will be determined by the Financial Ombudsman Service based on the individual circumstances.
Willows Finance Limited is covered by the Financial Services Compensation Scheme for eligible regulated activities. If an authorised firm is unable to meet an eligible claim, compensation may be available from the FSCS.
For protected home finance mediation, the current compensation limit is 100% of an eligible claim up to £85,000 per eligible claimant, per firm. Eligibility depends on the circumstances of the claim and the applicable FSCS rules.
FSCS protection does not generally apply to a claim arising solely from an unregulated product or service, including any packaging service that falls outside regulated home-finance mediation. Whether a claim is eligible will depend on its individual circumstances and the applicable FSCS rules.
Further information: www.fscs.org.uk
Once we have received sufficient information about your circumstances and requirements, we will carry out the relevant initial assessment and sourcing process and explain which application route applies to you.
Where Willows Finance provides the mortgage advice, we will continue through our advised mortgage process and explain any recommendations made.
Where your application is referred to another regulated intermediary, such as Evolution Money, we will explain that the receiving intermediary will take over the subsequent application and advisory process where applicable.
Please review all mortgage illustrations, ESIS documents, fee and commission disclosures, offer documents and other terms carefully before deciding whether to proceed. If anything is unclear, ask before committing to the mortgage.
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