'Following my dream job means I can't get a mortgage'

A quarter of people in the UK say they have given up a job because of mortgage fears

One in four people in the UK say 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 research from Nottingham Building Society. The building society found that 26% of Brits 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.

More than one in three 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 watchmaker, but the most common are creative jobs.

One in five say their career choice has already caused them mortgage problems. Almost four in ten said they had to ‘jump through extra hoops’ to demonstrate they could afford the mortgage.

Nottingham Building Society is today launching its new brand to meet 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.

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 said: “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.”.