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Specialist mortgage deals for women?

Mortgage brokers Bishops Stortford

Enable’s IFA’s in Bishops Stortford note with interest that another interesting outcome of the pandemic is the number of women applying for specialist mortgages in their sole name. Compared to the same period the year before, according to Bluestone Mortgages, the number of women applying for specialist mortgages soared by 38% between October and March 2021.

 Bluestone says “the rise in female borrowers with complex circumstances reflects the fact that women have been disproportionately affected by the Covid crisis, whether that is through furlough, income reduction or redundancy.” It is no secret that female-dominated industries such as hospitality and tourism have been among those hardest hit by lockdowns.

Figures from the Office for National Statistics (ONS) reveal that women are more likely than men to have been furloughed and female unemployment rose by 174,000 between March and December 2020. Unfortunately, these trends are likely to continue for a while, leaving a greater number of women in a much more precarious financial position and shut out of the mainstream market.

Bluestone Mortgages managing director Steve Seal says, comments: “The impact of the coronavirus crisis was felt particularly by women, with this group more likely to have faced furlough, unemployment and financial hardship over the last year. 

“These factors have the potential to significantly impact an individual’s credit score which could, in turn, mean that they are unable to access mainstream lending. 

“Today’s figures highlight this fact, and we foresee this reality lasting for some time as women navigate the fallout of the crisis and look at alternative ways of securing financing.

“This signals a major opportunity for the complex credit lending market to evolve and develop, and lenders and advisers in this industry must work together to capitalise on the growth in demand that is expected from female borrowers over the coming years.”

Enable’s IFAs are actively looking to see how they can better serve the complex credit lending market so that it can better support the mortgage needs of a growing cohort of underserved borrowers over the long term.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage

https://www.mortgagestrategy.co.uk/news/post-covid-surge-in-women-requiring-specialist-deals-bluestone/

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