More than a quarter of self-employed people consider quitting: Bluestone Mortgages

According to research by Bluestone Mortgages, more than a quarter of self-employed people in the UK are considering quitting and returning to regular employment.

More than a third (37%) of self-employed people admitted that their situation had deteriorated since the pandemic, with 28% considering giving up self-employment.

People between the ages of 18 and 34 are more likely to have this mindset, with 65% of these respondents admitting these thoughts.

Bluestone Mortgages reached these results in a survey of 1,003 UK adults who are either self-employed, have a low credit score, or no credit score.

Potential exits from the self-employed market are attributed to shifts in sentiment.

Only 36% of freelancers feel optimistic about their business opportunities in 2022, with 36% feeling neutral and 20% holding a pessimistic view.

Despite this negative outlook, sentiment was more upbeat among respondents specifically regarding their financial situation.

Just under half (47%) are confident about their financial situation and 41% feel the same about their financial prospects.

Despite the damage of the pandemic, 48% said they have a comfortable amount of savings or investments.

Bluestone Mortgages managing director Steve Seal said such worries are understandable, but advises self-employed people not to ruin their chances of getting a mortgage.

“Self-employed people often face difficulties when it comes to getting a mortgage, because their criteria do not meet what is considered the ‘norm’, even if they have their finances in order,” explains Seal.

“However, it is important for these potential borrowers to remember that there are options to help them achieve their homeownership goals, even if they have been denied elsewhere. Our message to people in this position is not to lose hope, there is help at hand.

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