A report from The Mortgage Lender (TML) has revealed that within that figure, 21% said they would have to think about abandoning their ambitions to own a property.
Also within that number, around 15% said they would rent longer than planned, with a similar percentage worried they would never get a mortgage.
Of the gig economy workers who have applied for a mortgage, around 63% have been rejected once.
More than a third – 36% – said they have been rejected as their profession was considered unsteady, with 29% saying they were rejected as their income was too volatile.
Approximately 38% said their credit score was too low and a third said they had missed a payment in the past.
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Gig economy workers have also made sacrifices to afford their home, with 31% cutting back on their social life, 30% paying more expensive rent to live where they wanted as they couldn’t buy in that area and 27% living in an area they did not want to live in.
A quarter said they had delayed starting a family, 21% said they had delayed their property plans and 20% had postponed other life goals.
However, gig economy workers remained cheerful, with 86% optimistic about their future home buying plans.
Almost half said they are optimistic that their earnings were set to grow and 37% said they have saved enough of a deposit.
‘Encouraging barrier hasn’t dulled spirits’
Sara Palmer, sales and distribution director at Shawbrook Retail Mortgages, said: “Getting on the property ladder is no small task, and this only becomes trickier for non-PAYE workers, who may have several income streams or fluctuating incomes, and therefore are more likely to face rejection from high street banks. It’s encouraging to see this barrier has not dulled the spirits of gig economy workers, who are taking steps to get on the property ladder.
“Speaking to a broker that has experience dealing with specialist cases and good relationships with specialist lenders will ensure that those on complex incomes get the support they need to fulfil their property ambitions.”
This article was first published on YourMoney.com‘s sister site, Mortgage Solutions. Read: Nearly three-quarters of gig economy workers fear they are ineligible for a mortgage
