40% worry dream job could hold them back from buying home

In response to the results, Nottingham Building Society is reaffirming its commitment to providing greater financial flexibility, as it undergoes one of its biggest rebrands in its 175-year history; a change that reflects the need for the Society to evolve alongside its communities.

The survey results shine a light on how difficult it can be for those with non-traditional career paths, such as freelancers, small business owners and creative professionals in the region, to navigate the housing market. It reveals that:

• 37% are worried that turning their hobby or passion into a full-time career might affect their chances of getting a mortgage.
• More than 50% believe that full-time employees are preferred over those with less traditional jobs when it comes to getting on the property ladder.
• 57% feel people are forced to choose between following their dream job and securing financial stability.

The findings also revealed that many people struggle with the mortgage application process:

• 70% have applied for a mortgage, but nearly 44% found the process harder than they expected.
• 31% were frustrated by the service they received from their lender.
• 23% described their experience as impersonal.

As part of its transformation, the Building Society is addressing these challenges head-on, evolving to become a specialist lender - a role that will enable it to make the mortgage process easier for those whose careers fall outside the conventional 9 - 5, as well as enhancing its digital services for an even more user-friendly experience for all.

As part of this transformation, Nottingham Building Society is rolling out a fresh new look across its digital presence, website and social media, as well as updating the exterior of its Head Office in central Nottingham and, into early 2025, its branches around the country.

It is also enhancing its digital services and mortgage solutions to ensure that customers, with diverse career paths or lifestyles, can access the support they need while continuing to receive the trusted advice they’ve come to expect from Nottingham Building Society.

Sue Hayes, Chief Executive at Nottingham Building Society, said: “The UK is no longer a country solely of 9-5 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 challenges 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.”

Discussing the timing of the rebrand, Sue, added: “The rebrand reflects both our heritage and the evolving financial needs of our members today. For over 175 years, Nottingham Building Society has been a pillar of support in our community, and we’re proud of the role we play in helping people achieve their financial goals.

“Our research shows that many people feel they have to choose between pursuing their dream job and securing financial stability, but we’re committed to helping them navigate that balance. Our focus on community and personalised support remains at the heart of what we do, and we’re here to ensure people can achieve both their personal and professional aspirations.”

For more information about Nottingham Building Society’s range of services, including its East Midlands-based branches across Nottinghamshire, Leicestershire, Derbyshire and Lincolnshire, visit: www.thenottingham.com/.