70% of gig economy workers say job status blocks homeownership – TML
37% of those working on temporary contracts had plans to buy their first property, but seven in 10 said their employment status had made it harder to get a mortgage.
70% of gig economy workers said their job status had affected their ability to buy a home, research from The Mortgage Lender (TML) found.
37% of those working on temporary contracts had plans to buy their first property, but seven in 10 said their employment status had made it harder to get a mortgage.
63% of gig economy workers who had applied for a mortgage had been rejected at least once.
36% said this was because their job was viewed as unstable, and 29% said their income was seen as too unpredictable.
38% reported being turned down due to a low credit score, and a third had missed a payment in the past.
Among those who felt their employment status had got in the way of buying, 21% said they might have to give up on owning a home, 15% said they would have to keep renting for longer, and another 15% were worried they might never get a mortgage.
Many gig economy workers said they had made sacrifices to try to buy a home.
31% said they had cut down on their social life, while 30% said they paid higher rent to live where they wanted because they could not afford to buy in that area.
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