One in four working Brits have admitted to not going for their dream job because of fears they will not be accepted for a mortgage without a traditional 9 to 5, research from a building society showed.
According to a poll of 2,000 adults carried out by Nottingham Building Society, 26% of respondents said they either abandoned or delayed plans to pursue a dream career as they felt it would impact their chances of homeownership.
This rose to 39% among people with more than one job.
Nottingham Building Society’s survey also found that 36% of people wanted to start their own business but were worried about the consequences it would have on being approved for a mortgage in the future.
As for the jobs people have stopped chasing in order to get a mortgage, creative jobs were the most commonly given up, with 22% of respondents naming a career in this sector.
The top 10 “abandoned” jobs were:
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- Professional sportsperson
- Cafe/restaurant/bar owner
- Pilot/astronaut/captain
Mortgage challenges caused by jobs
Nottingham Building Society suggested that respondents’ fears may be true in some instances, as 21% said they had already experienced problems getting a mortgage because of their careers.
Again, this was higher for people with more than one job, as it applied to 32% of this cohort.
Some 39% of respondents said they had to “jump through extra hoops” to show they could afford a mortgage, rising to 41% among people with more than one job and 53% of business owners.
The poll found that 35% of respondents needed financial support from a friend or relative to get their mortgage.
According to the research, 17% of freelancers and sole traders were rejected for a mortgage, rising to 30% among people with more than one job.
Nottingham Building Society said lenders needed to keep up with changing work patterns and announced its new slogan, “A Different Kind of Society”.
The mutual said this reflected its commitment to assisting people with different financial circumstances, such as freelancers, first-time buyers taking unconventional routes to homeownership and foreign nationals with thin credit histories.
This year, Nottingham Building Society amended its criteria to allow foreign nationals with no minimum residency and later broadened access by accepting global talent and pre-settlement visas.
Sue Hayes, chief executive of Nottingham Building Society, said: “The UK is no longer a country solely of 9-5 workers. Non-traditional working patterns are now becoming the norm, but parts of the mortgage industry are still adjusting to this change and this is causing issues for millions of people who understandably want to secure a mortgage and own their own home, but can’t.
“More worryingly, our research shows the perception of how lenders approach these cases is actually stopping people from pursuing the careers they really want because they fear the negative impact it will have on their other dream – becoming a homeowner.”
She added: “Our new brand is far more than a visual change. It’s a declaration of our mission to embrace financial diversity and support the millions of people – and the brokers who support them – who are being overlooked by the conventional mortgage market.
“We are excited to create financial solutions for savers and borrowers who want to pursue their lifestyle without fear that this puts homeownership beyond them. Our loyal savers are the people who enable us to do this and this is the bedrock of a mutual society purpose.”
