Research shows non-traditional borrowers still keen to buy
January 24, 2025 by Alan
Borrowers
A new study that looks at the mortgage market across the country has found that the majority of workers who are classed as ‘non-traditional’ still hope to buy a home of their own.
This study was carried out by The Mortgage Lender (TML), and it saw the company speak to such workers throughout the UK. What is meant by the term ‘non-traditional’ is people working within the gig economy; those who are self-employed and those who work on a freelance basis. The results of the survey show that 79% of those workers – which adds up to four-fifths – are hopeful about buying a home.
That is an encouraging finding as it suggests they have not been put off by either the economic turbulence of the past few years or the barriers in their way. That conclusion is further supported by the fact that 22% told TML that they are planning to buy for the first time right now.
Another 73% stated that they are hopeful they will be able to buy inside the upcoming five-year period. Close to one third of them – 29% – said they were ‘very optimistic’ about that. Meanwhile 44% expressed ‘somewhat optimistic’ views of their chances.
Talking to Financial Reporter, Sara Palmer from TML said:
“Whilst the hurdles to homeownership can be especially high for non-traditional workers, it’s encouraging to see that so many members of this group are still keen to pursue their homeownership plans.”
Those with the CeMAP mortgage advisor qualification can find the specialist lenders that such workers need.
Written by
Alan
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