Mortgages for Women

This month has marked 50 years of women being allowed to apply for a mortgage without permission from their fathers or husbands. In November 1975 an act was passed which allowed women to become more financially independent and to apply for a mortgage without the male guarantor. 

Over the past five decades, more and more women have taken ownership of their finances. Additionally, in the last 5 years, women are now applying for solo mortgages has increased significantly. 

So, what are the additional factors that women should consider when applying for a solo mortgage? 

Location – If you’re buying alone then a sought-after area may be out of your affordability but equally don’t rush into buying something that’s affordable in an area in which you don’t feel safe. If you give yourself enough time to plan you can buy a home with stability and security. Getting advice from your mortgage broker when you start to save can help you plan how much you need to save or how much income you would need to be able to get the home you desire in an area you’ll be happy in. 

Gender pay gap – Unfortunately, there is still a gap in average earnings between men and woman, and this can mean it may take longer to save for the deposit and even affect the overall loan amount. It’s worth considering this when you’re planning ahead. Also consider options like government schemes to help first time buyers but getting advice from your mortgage broker from the initial outset can help you budget with confidence. 

Career breaks – It’s not easy to predict the future, but lenders will need to consider any possible changes in your income when assessing your mortgage.  You may need to consider if you would want to take time out from work if you were to start a family, or work part time when a child starts school. A mortgage broker would discuss this with you during the application process but it’s worth to think about these life choices before you start planning. 

It is so hard to imagine a time when woman were oppressed in this way because at TS Mortgage Specialists, we have dealt with many independent women wanting to get onto the property ladder whether it be with a partner or solo. Teachers, Banking Advisors, Dog groomers, Nurses, we have females from all walks of life. Seeking advice from a mortgage advisor early in your property journey can help give you the confidence you may need when buying solo.