The survey, which polled 2,000 UK adults, found that one in four workers (26%) have abandoned their dream career due to worries about being able to get a mortgage without a traditional 9 to 5 job.
The figure rose to 39% for those with more than one job. Mortgage fears are also deterring over a third (36%) of respondents from starting their own businesses, because they are too worried it may harm their chances of homeownership.
Creative jobs most likely to be sacrificed
The most commonly abandoned dream jobs were creative ones, cited by 22% of respondents.
The top 10 careers most frequently sacrificed are:
1. Artist
2. Professional sportsperson
3. Musician/singer
4. Actor
5. Writer
6. Cafe/restaurant owner
7. Therapist/psychologist
8. Teacher
9. Lawyer
10. Pilot/astronaut
Mortgage hurdles based on career choice
Nottingham Building Society’s research also found that 21% of respondents have already had problems securing a mortgage due to their career, with those holding multiple jobs (32%) or running a business (53%) facing the greatest hurdles.
Your Mortgage Awards 2024/25: winners revealed
Sponsored by Your Mortgage Awards
Some reported needing financial support from friends or relatives, and one in five freelancers or sole traders said they were rejected by lenders despite meeting affordability criteria.
Sue Hayes, CEO of the mutual, said that some lenders don’t reflect evolving work patterns. She explained: “The UK is no longer a country solely of 9 to 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.”
As part of its rebrand, Nottingham Building Society is embracing financial diversity and the changing needs of today’s savers and borrowers. It plans to evolve to become a specialist lender and will “create financial solutions for savers and borrowers who want to pursue their lifestyle without fear that this puts homeownership beyond them”.
