Are you itching to ditch the daily grind and chase your passions? Think carefully – it could be harming your chances of getting a mortgage. New research reveals that a staggering one in four Brits have abandoned their dream jobs due to fears of being rejected by mortgage lenders.
A recent survey of 2,000 adults by Nottingham Building Society revealed the anxieties faced by those with unconventional career paths. 26% admitted to putting their dream careers on hold, believing it would jeopardise their ability to secure a mortgage. This figure skyrockets to 39% for those juggling multiple jobs.
The Entrepreneurial Price Tag
Budding entrepreneurs aren’t immune to these concerns, with 36% of respondents expressing apprehension about starting a business due to its potential impact on future mortgage applications.
Creative Dreams Dashed
So, which professions are taking the biggest hit? The research revealed that creative industries are bearing the brunt of these mortgage fears:
Top 10 “Abandoned” Jobs:
- Artist
- Professional sportsperson
- Musician/singer
- Actor
- Writer
- Cafe/restaurant/bar owner
- Therapist/psychologist
- Teacher
- Lawyer
- Pilot/astronaut/captain
Mortgage Hurdles for the Unconventional Worker
Worryingly, these fears seem to be grounded in reality. A significant 21% of respondents reported encountering difficulties securing a mortgage because of their chosen careers. This number jumps to 32% for those with multiple income streams.
The struggle is real – 39% found themselves navigating additional hurdles to prove their affordability, a figure rising to a concerning 53% for business owners. Sadly, 17% of freelancers and sole traders faced outright mortgage rejection, a number that increased to 30% for individuals juggling multiple jobs.
Championing Financial Diversity
Sue Hayes, Chief Executive of Nottingham Building Society, emphasises the need for the mortgage industry to adapt to evolving work patterns. “The UK is no longer a country solely of 9-5 workers,” she states, highlighting the growing prevalence of non-traditional employment.
Hayes recognizes the anxieties faced by aspiring homeowners, stating, “More worryingly, our research shows the perception of how lenders approach these cases is actually stopping people from pursuing the careers they really want.”