According to new research from Bluestone Mortgages, more than a quarter of UK freelancers (28 per cent) are considering switching to full-time work, with 37 per cent of freelancers polled in the study saying they are now worse off since the start of the COVID-19 pandemic.
Self-employed people in the 18-34 age bracket were found to be most likely to be considering leaving the freelance workforce, with 65 per cent in the group saying they were thinking about it.
The study surveyed 1,003 UK adults, with respondents either being self-employed, having a blemish on their credit score, or no credit score at all. Overall, just 36 per cent of self-employed people said they were optimistic about their business prospects for 2022, with 36 per cent saying they were neutral and 20 per cent feeling pessimistic.
However, 47 per cent of freelancers in the study said that they were confident in their financial situation, while 41 per cent said that they were confident about the outlook for their finances. 48 per cent of freelancers, meanwhile, said that they have a comfortable level of either investments or savings, despite the impact of COVID-19.
Responding to the survey, Bluestone Mortgages CEO Steve Seal said that, while it was understandable that freelancers were concerned about their futures, they should not dismiss their chances of being granted a mortgage.
Seal said: “Self-employed workers often encounter challenges when it comes to securing a mortgage, because their criteria does not fit what is deemed the ‘norm’, even if they have their finances in order.”
“However, it’s important for these would-be borrowers to remember that there are options out there to help them achieve their homeownership goals, even if they have been turned down elsewhere. Our message to people in this position is don’t give up hope, there is help at hand.”
