Rise in women applying for specialist lending

Bluestone Mortgages has reported that the number of cases it received from individual female applicants between October 2020 and March 2021 increased by 38% year-on-year.

The complex credit mortgage lender also revealed that applications from joint female borrowers followed a similar trend, increasing by 37% at Bluestone over the same period.

Bluestone said its figures indicate a growing number of women experiencing financial complications due to the COVID-19 pandemic, either due to impaired credit or problems with employment, which could be excluding them from the mainstream mortgage market.

Coronavirus has disproportionately impacted women’s financial security, Bluestone added, with figures from the Office for National Statistics (ONS) revealing that women are more likely than men to have been furloughed during the pandemic, while unemployment among women rose by 174,000 between March and December 2020.

“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,” Bluestone managing director, Steve Seal commented. “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.

“Ultimately, lenders and advisers serving the complex credit lending market will need to support a growing cohort of underserved borrowers over the long-term, so now is the time to prepare accordingly.”

    Share Story:

Recent Stories


Helping landlords make their cash work harder
MoneyAge Editor, Adam Cadle, talks to Family Building Society BDMs, Arif Kara and Nathan Waller, about the resilient BTL market, the wide variety of landlords that Family Building Society caters for, and how niche products like an Offset mortgage can help improve cashflow.

An outlook on the BTL market
MoneyAge Editor, Adam Cadle, talks to Landbay senior regional account manager, Alex Witham, about current market sentiment within the BTL space and Landbay’s success in this area

Empowering advisers: A decade of education in Later Life Lending with Air Academy
Michael Griffiths is joined by chairman of Air Club and former founder and CEO of Air, Stuart Wilson, and head of the Air Academy, Daniel Holden, to look back on a decade of business focused learning at the Air Academy.


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.