01268 90 44 44 sam@mymortgageangel.co.uk

According to the International Women’s Day website, 2024’s theme of ‘Inspire Inclusion’ aims to “collectively forge a more inclusive world for women”.

It’s a welcome objective, particularly since the gender pay gap is still alive and well.  The Office for National Statistics recently reported that in April 2023, “median pay for all employees was 14.3% less for women than men”.

This concerns me as a woman, but it also concerns me as a mortgage adviser.

You may already know that until the 19th century, married women couldn’t buy a home of their own.  This was because they were considered to be under their husbands’ protection, and it wasn’t until the Married Women’s Property Act was passed in 1870 that things began to change.

Almost 100 years later the Sex Discrimination Act was passed, which required banks to treat men and women equally.  1975 also the year that women could open their own bank accounts (a fact I still find surprising, as 1975 is relatively recent!)

These days, it’s single women who can face more difficulty securing a mortgage.

As a single woman who earns less than a single man, it may be harder for you to meet mortgage lenders’ affordability criteria.  In fact, given the pay gap statistic mentioned above, you could possibly need up to 12 times your annual salary to be able to buy a home, whereas a man would only need around eight times.

Women are also more likely to be single parents and self-employed: both factors that are commonly understood to impact upon the ability to secure a mortgage.

Change is happening, slowly but surely.

I speak to many women who are extremely clued up about their financial situations and want to explore their affordability for a mortgage. 

Some are self-employed, but they understand that this offers them more flexibility – and that self-employment absolutely doesn’t have to be a barrier mortgage-wise!  And while mortgage lenders will take your family circumstances into account when assessing your affordability, some will count child benefit or support payments as income.

My Mortgage Angel’s advice is completely bespoke and fully inclusive.

My personal objective is to help as many people as possible secure the home of their dreams – whoever they are and whatever their circumstances.

So whether you are a woman or a man, married or single, employed or self-employed, I will happily spend time answering your questions and chatting with you about the different mortgage options available.  I will also offer advice that means you could increase your affordability for a mortgage, without making drastic changes to your lifestyle.

As International Women’s Day approaches on 8th March, let’s do all we can to Inspire Inclusion

The IWD website includes lots of ideas and suggestions about how everybody can get involved in creating a gender-equal world, which is something well worth celebrating!

And if you’re looking for expert, individually-tailored mortgage advice that doesn’t discriminate on any basis, please get in touch.

 Approver Quilter Wealth Limited & Quilter Mortgage Planning Limited 01/02/2024