Can freelancers get mortgages? The hard truths and a few loopholes

Banks that said yes, the obstacles creatives face, and the rare cases where it works.

This is a series that explores the different financial decisions freelancers often passively make. Following our piece on student loans, next up is mortgages. This is specifically for freelancers in the UK, though there are some universal considerations.

By Emma Russell

Buying a house is a stressful time for almost everyone: the endless surveys detailing damp issues and cracks, the chains on chains of people who could derail the purchase, and the unexpected cash that’s required for surprise fees. When you’re a freelancer, it can be even more complicated.

That said, as people shift away from traditional jobs, with approximately 2.05 million freelance workers in the United Kingdom in 2024, up from 1.89 million in 2022, it’s going to become increasingly common for people to apply for mortgages without fixed salaries. And, while the process is typically stricter compared to the salaried because lenders need evidence of a consistent income, which can fluctuate more for freelancers, it’s completely doable.

Alex King, founder of Generation Money – which was created with the aim of encouraging young people to take control of their own finances – shares his tips for freelancers applying for a mortgage.

How many years of freelance income do I need to show?