Brits have sacrificed 'dream jobs' through fears of being turned down for a mortgage
One in four working Brits - equating to almost nine million people - admit they have sacrificed the career they really want because they don’t think they will be accepted for a mortgage without a traditional 9-5 job, according to new research from Nottingham Building Society.
The building society surveyed 2,000 UK adults and discovered that 26% of Brits – rising to 39% of people with more than one job – say they have either abandoned or put on hold plans to pursue their dream career because they are worried it would affect their ability to own a home.
Furthermore, more than one in three (36%) say they would love to start their own business – but are worried about the consequences it would have on their chances of getting a mortgage in future.
Dream careers that respondents have ‘abandoned’ include everything from concert violinist to astronaut and midwife to watch maker, but the most common (22%) are creative jobs:
Top ten ‘dream jobs’ abandoned by Brits:
- Artist.
- Professional sportsperson.
- Musician/signer.
- Actor.
- Writer.
- Café/restaurant/bar owner.
- Therapist/psychologist.
- Teacher.
- Lawyer.
- Pilot/astronaunt/captain.
One in five say their career choice has already caused them mortgage problems
And it seems these fears are justified – according to the research, one in five (21%) people have already experienced problems getting a mortgage because of their career choice, rising to almost one in three (32%) of people who currently have more than one job.
Almost four in ten (39%) of this group said they had to ‘jump through extra hoops’ to demonstrate they could afford the mortgage – rising to 41% of people with more than one job and more than half (53%) of business owners. 35% say they had to get financial support from a friend or relative to secure their mortgage.
Even after all the ‘hoop jumping’, one in five (17%) of freelancers and sole traders were still turned down for a mortgage, rising to almost one in three (30%) of people with more than one job.
Lenders need to adapt to changing work patterns
The UK’s evolving demographics, as well as shifts in working patterns, have changed the needs of mortgage borrowers. Lenders urgently need to adapt their products to ensure homeownership is accessible to all, but this is not necessarily happening at the speed it needs to.
In response, Nottingham Building Society recently launched its new brand focusing on what it calls “A Different Kind of Society”, reflecting a deep commitment to embracing financial diversity and the changing needs of today’s savers and borrowers.
Whether it’s freelancers with fluctuating incomes, first-time buyers facing unconventional paths to homeownership, or foreign nationals with thin credit histories, Nottingham Building Society is evolving to become a specialist lender which meets the demand for greater flexibility with products designed to be more accessible and inclusive.
Sue Hayes, Chief Executive at 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.
“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.”
Case study: “My job is what is holding me back from getting a mortgage”
Joseph Clark, 27, runs his own online gardening blog and store, Joe’s Garden. He has built up a following of 2.7 million people as he shares his passion for growing plants and vegetables, with a focus on environmental sustainability.
However, following his passion and pursuing his dream job has held him back from getting a mortgage to date. He explains:
“I was previously in a more traditional corporate job and when I had an initial conversation with a lender back then, it was a fairly decent and straightforward experience. Today, however, as a self-employed person the process has been dreadful, especially as I believe some of the banks and lenders haven’t quite gotten to grips with what my job, as a content creator, actually is yet. At times, it seems to me some banks and lenders view the self-employed and small business owners as people they are hesitant to support.”
“Owning my own home is all I can think about. It provides a level of stability, which then allows you to progress to the next stages of life. But currently, my job, which I love and am hugely passionate about, is what is holding me back from getting a mortgage. I’ve only been self-employed for two years and many are not willing to take me on because of that.”.
Nottingham Building Society’s rebrand includes a striking new visual identity, which is being rolled out across its digital channels from today and with updates to its branch network coming soon. As part of this rebrand, the building society is reaffirming its position as a modern mutual – one that combines 175 years of heritage with a future focused on inclusion, innovation, and radical financial support for all savers and borrowers.
