Boosting Income Multiples Through The Gig Economy

This is the penultimate of the ‘Boosting Income Multiples’ series, where we look at other income sources to increase buying power and capacity. These are not mutually exclusive, and they can be used in combination, where possible (if desired). Gig economy jobs are popular, but they are the hardest to use for a mortgage. Lenders view this as "self-employment," meaning the proof of income burden is much higher. Examples are Delivery Driving (Deliveroo, Uber, Amazon Flex): The Hurdle: You are self-employed. You cannot just show bank deposits; you must file a tax return. Most lenders require 2 years of tax returns (SA302s) to count this income.

 Other examples are Tutoring or Private Coaching: The Hurdle: Similar to delivery, this is self-employment. Unless you work for an agency that pays you PAYE, you need a 2-year trading history. Further opportunities exist in Professional Freelancing work (Upwork/Fiverr): The Hurdle: Inconsistent monthly earnings make lenders nervous. They will take your average profit over 2 years, often using the lower of the two years if it recently dropped.