AllActivities Age Concern Anytime Fitness Gym Art Beer Of The Week Blog Business Care Care Home Charity Children Christmas Cinema City Status Cliffs Pavilion Cliffs Pavilion Cliffs Pavilion Review Cocktail Recipes College Community Competition Competitions Construction Coronation Coronavirus Covid 19 Dannielle Emery Design Easter Education Emma Smith Employment Environment Events Family Fun Fashion Festival Film Finance Fitness Food Food & Drink Football Fresh Face Pillow Company Gardening Hair & Beauty Halloween Harp Havens Hopsice Havens Hospice Havens Hospice Havens Hospice Press Release Havens Hospices Havens Hospices Health & Beauty Health & Fitness Historicaleigh History Holidays Housing Indian Jubilee Karen Harvey Conran Kids Kids Blogs Kids Competitions Kids Reviews Legal Legal Eagle Leigh Folk Festival Leigh On Sea Leigh On Sea Finds Leigh Road Leigh Striders Leigh Town Council Leigh Town Council Press Release Leigh on Sea Leigh on Sea Sounds Leigh on sea Folk Festival Leigh on sea Town Council Leigh on sea news Lifestyle LoS Shop London London Southend Airport Los Shop Marathon Melinda Giles Mortgage Angel blog Mortgages Motherofalloutings Mughal Dynasty Mughal Dynasty blog Music My Mortgage Angel MyLoS News Newsletter Offers Other Outfit Of The Week Palace Theatre Parenting Parking Picture Of The Week Pier Politics Press Release Professional Property Property Of The Week Ray Morgan Re:loved Recipes Recycling Restaurant Restaurant Review Review Roads Royal Hotel Royal Hotel Southend Royal Visit Schools Seafront Shopping Show & Music Reviews Show Review Show Reviews Shows & Music Shows & Music Review Shows & Music Reviews Southend Southend Airport Southend Airport Press Release Southend Borough Council Press Release Southend City Council Southend City Council Blog Southend City Council News Southend City Council Press Southend City Council Press Release Southend City Council Press Release Southend City Council blog Southend In Sight Southend In Sight Press Release Southend on Sea Southend on Sea City Council Press Release Southend on Sea City Council press release Southend on Sea city Council Press Release Southend on sea City Council Press Release Sport The Mortgage Mum Theatre Theatre Blog Theatre Review Theatre Review Theatre Reviews Transport Travel Village Green Volunteer Weddings Whats On blog shopping
International Women’s Day: What #breakthebias Means for Women and Mortgages
I was inspired to write this piece because the theme for this year’s International Women’s Day (celebrated on Tuesday 8th March) is #breakthebias.
Breaking the bias can be interpreted in lots of different ways, which is why it’s such a clever and thought-provoking theme. But as an independent, female mortgage advisor, my thoughts immediately turned to the chequered history of women and mortgages.
Did you know that right up until the end of the 19th century, women weren’t allowed to own their own homes? The Married Women’s Property Act of 1882 was introduced after years of political lobbying, finally allowing women to own, buy, and sell property in their own right.
Famously, largely thanks to the suffragette movement, women over 21 also gained the right to vote in 1928. Yet the likes of Emmeline Pankhurst may have been disappointed to know that many women were still prevented from obtaining mortgages in their own right as recently as the 1970s.
This was largely due to the fact that at this time, few women were employed continuously, or full-time. So, it was common for lenders to grant mortgages to women only if they could find a male guarantor to sign the paperwork!
In fact, it’s only relatively recently that women have had the right to be taxed as individuals. As late as 1990, they were regularly taxed under their husband’s tax code.
Happily, these days there is no need for a woman to be married if she wants to buy her own home, or indeed, spend the money that she alone has earned! According to a report in the Evening Standard, in 2012 single, financially independent women were responsible for almost a quarter of new mortgages.
The ONS states that the number of single-person households has increased by 4% in the ten years from 2010 – 2020, rising to almost 23% in London alone. A 2019 study carried out by Barclays also showed that, at the average age of 31, women were even taking their first steps on the property ladder earlier than men.
You’ll notice that the information I have shared here demonstrates regular (if perhaps modest!) progress for women and finance over the years. However, in order to genuinely #breakthebias, there is still plenty of work to be done. For example, the same 2019 study also showed that for women to buy a house, they must spend twelve times their yearly salary – four times more than men.
As a female mortgage advisor, I’m proud to keep on raising awareness of the many options available to women when it comes to mortgages and financial protection. Many still feel that it’s impossible to buy a home on their own, or that they can’t afford the right level of insurance, and I always enjoy surprising them with the news that they might!
So, my hope is that you find these words informative, and perhaps even personally inspiring, as we celebrate this year’s International Women’s Day.
ADD A COMMENT
Note: If comment section is not showing please log in to Facebook in another browser tab and refresh.