Some 14% are earning income from more than one job, up from 11% last year, a study from a specialist lender found.
The Pepper Money Specialist Lending Study suggested this was due to the cost-of-living crisis and calculated that if applied to the UK population, it would make up 7.3 million people.
The study found this was more common among younger people, with a quarter of 18-24-year-olds in this circumstance, as well as 22% of 25-34-year-olds. Respondents put this down to rising costs.
In comparison, just 13% of 35-44-year-olds were earning from more than one job, as were 8% of 45-54-year-olds.
Rob Barnard, relationship director at Pepper Money, said: “More people are earning income from more than one employer, with multiple sources of income helping them meet the rising cost of living. This is especially the case for younger people, who may also be striving to save a deposit to buy their first home.
“For brokers, the best chance of helping these hopeful homeowners onto the ladder is by working with a lender that fully considers multiple sources of earned income; [this] can help them achieve the mortgage they deserve.”
Mind over mortgages: why we need to look after intermediaries’ mental health
Sponsored by Halifax Intermediaries
Andrew Montlake, managing director from Coreco, added: “We’re seeing a growing number of clients who earn income from multiple sources, or variable income that includes bonuses and overtime. When you consider the average UK homebuyer is required to pay 10.6 times the average annual salary to afford the average home, it is often imperative to take all income sources into account when looking at mortgage options.
“Furthermore, recent increases in wages have continued to have been significantly outpaced by the growth in house prices over the last year.”
