Female Homebuyers on the Rise: A History of Women & Mortgages

Author - Helen Lovell Editor - Emily Smith

Last reviewed on 11th February 2025

Key statistics

• More women are applying for mortgages on their own. Over the last five years, there’s been a 14% rise in the proportion of sole female mortgage applicants.

• Women now make up a bigger portion of mortgage applications. In 2020, 36% of mortgage applicants were women - this leapt to 41% by 2024.

• The overall number of solo female first-time buyers has dipped in recent years. In 2024, just 12% of female applicants were first-time buyers, compared to 19% in 2020. Back in 2021, it was even as high as 28%.

• It’s more common for women to buy a home between the ages of 25-34 - this age group accounts for 58% of female first-time buyers and 41% of female home buyers in general.

The history of women and mortgages

It’s hard to imagine now, but just 50 years ago, a woman applying for a mortgage on her own was almost unheard of.

That’s right - prior to the Sex Discrimination Act 1975 coming into play, banks and financial institutions could simply refuse loans to unmarried women. Even women with their own income often needed a male guarantor, like a husband or father, to co-sign their mortgage.

If you think that’s shocking, let’s take a short trip back in time to the 1800s. It wasn’t until the Married Women’s Property Act was passed in 1870 that a woman’s own assets were recognised as her individual property rather than her husband’s. In 1882, the Act was expanded to allow married women to keep control of the property they owned before marriage. 

For nearly a century after that, though, not much changed. Female homeownership remained out of reach for most women. That is, of course, until the Sex Discrimination Act was passed in 1975 and changed the game for aspiring female homeowners. 

For the first time, women could no longer be refused a mortgage simply based on their gender, giving them a much higher chance of owning their own home.

The future of female homeownership

Over the last 50 years, it’s become more and more common for women to apply for mortgages on their own. 

Here at Mojo Mortgages, we’ve seen the proportion of sole female mortgage applicants jump 14% over the past five years, from 36% in 2020 to 41% in 2024. 

There’s still a long way to go, though. Looking at the last five years, 56% of mortgage applicants were male, compared to 41% female.

We’re seeing fewer female first-time buyers

We’ve seen fewer women taking the leap into homeownership alone in recent years.

Back in 2020, 19% of single female mortgage applicants were first-time buyers, surging to 28% in 2021. But that momentum has now slowed. By 2024, just 12% of female mortgage applicants were first-time buyers (compared to 14% of men). 

The majority of solo female homeowners (74%) are now looking for remortgage options. This shift suggests women are being more cautious about buying their first property, possibly due to rising interest rates, general uncertainty in the market and the increasing time it takes to save up for a deposit. 

Why are women less likely to become solo homebuyers?

We know that, overall, men are more likely than women to apply for a first-time mortgage. In fact, we saw 23% more male first-time buyer mortgage applications in 2024. But why is this still the case?

1. Women typically earn less than men

Unfortunately, the gender pay gap still plays a big role in homeownership affordability. 

According to Statista, the average annual full-time salary in the United Kingdom is £40,035 for men and £34,000 for women - a 16% difference. There are various reasons for this; the gender pay gap, imbalance in caring responsibilities, plus the higher likelihood of women being self-employed, taking part-time jobs or jobs in lower-paid sectors.

This salary discrepancy is likely to affect mortgage borrowing power. Based on the standard 4.5x mortgage-to-salary ratio, a man earning the average salary could borrow £27,158 more than a woman. 

2. It takes longer to save

With a lower average income, it naturally takes longer for women to save up for a deposit. 

Our research found that women need an extra 8 years and 9 months to save for a deposit compared to men, simply because they have less disposable income. If you’re looking for ways to speed up your savings mission, our tips on how to save for a house deposit could help you put aside an extra £7,130 per year.

3. House prices can be prohibitive

The average house price in the UK currently stands at £289,707 (UK House Price Index). So, with an average deposit size of 15% and a 4.5x mortgage-to-income ratio, a single woman would have to earn around £54,722 to get her foot on the property ladder. That’s over £20,000 more than the average female salary. Sobering stuff. 

Broken down further*:

• The average male salary covers 62% of the average house price 

• The average female salary covers 52% of the average house price 

That’s a 10% percentage difference in affordability - a significant gap when trying to get on the property ladder.

*Assuming a mortgage-to-income ratio of 4.5, we found the average male and female affordability. We then calculated what percentage of the average house price this amounts to.

4. Confidence plays a role, too

Though we’re seeing plenty of positive movement when it comes to women applying for a mortgage, it’s understandable that any solo homebuyer might feel apprehensive about tackling the world of mortgages. 

Research from Pay.UK found that just 25% of women feel confident managing their finances, compared to 35% of men. There’s more to be done to improve the financial confidence gap. That’s why our mission at Mojo is to help our customers navigate mortgages with confidence. 

Women are most likely to buy a house in their 20s and 30s - but it’s never too late

For many women, the prime time to step onto the property ladder is between the ages of 25-34.

58% of all female first-time buyer applications came from women aged 25-34 years old, making up 22% of all first-time buyer applicants. 

And, while most first-time buyers are in their 20s and 30s, nearly one in 10 female first-time buyer applicants in the last five years were between 45-54 years old. This provides it is possible to get your first mortgage later in life. 

Money matters: how much are women borrowing?

Women are most likely to apply for a mortgage of between £50,000 and £200,000. This coincides with the UK’s average mortgage amount which, according to our internal data, was £175,025 in 2024.

Single women are more likely to buy less expensive properties

The number of women applying for a mortgage for properties up to £800,000 largely follows the average split between male and female homeowners. However, we then see a sharp decline in women buying a home worth more than £800,000, suggesting women are typically more hesitant to take on a larger financial commitment. 

Six top tips to help women secure a mortgage

1. Get your finances in good shape

Remember, lenders look at more than just your income when deciding how much you can borrow. They’ll assess your credit history, monthly outgoings, debt-to-income ratio and deposit size. 

So, whether you can boost your credit score or lower your debt-to-income ratio, improving your overall financial health can be a big help when it comes to getting your foot on the property ladder.

It’s also worth noting that your spending will be under scrutiny during the mortgage application process, so it’s a good idea to cut unnecessary expenses to lower your general outgoings if you can. 

Top tip: Avoid taking out any additional credit in the run-up to getting your mortgage. This could negatively impact your affordability and credit history - and potentially make or break your mortgage offer. 

2. Find out how much you could borrow

Before diving into your house hunt, it’s a good idea to find out how much you might be able to borrow. A mortgage in principle (MIP) gives you an estimate of how much a lender may offer you. This’ll help you approach your property search with greater confidence while also giving you stronger negotiating power when making an offer.

3. Get your proof of income ready

Even if your income is slightly unconventional, this shouldn’t hold you back from getting a mortgage.

It’s important to gather the relevant documentation to provide proof of income, though. You’ll likely need evidence that any money you have coming in is consistent, reliable and well-documented. For example, if you’re self-employed, a lender will usually ask to see your SA302 form or if you receive Child Tax Credit or child maintenance you may need to provide recent bank statements to show the payment is received regularly. 

Each lender may feel differently about the types of income they’re willing to accept. That’s why it can be handy to speak to a mortgage broker, who can recommend the lenders most likely to look favourably on your application. 

4. Lower your loan-to-value ratio

Your loan-to-value ratio (LTV) is the percentage of the property’s value that you need to borrow. The lower your LTV, the better the mortgage rates you’ll likely be offered. So, if you can increase your deposit size, you’ll be one step closer to a lower LTV (and potentially lower rates). 

Don’t forget your emergency fund, though. It might be tempting to plough any disposable income into your deposit, but it’s recommended to set aside between three and six months’ worth of essential expenses to cover any unexpected costs. 

5. Choose the right mortgage term for you 

One of the main things holding would-be homebuyers back is confidence. You can feel more in control of your homebuying journey by understanding your various mortgage options.

When choosing a mortgage, you’ll need to consider a few different things such as whether to opt for a fixed-rate or variable-rate mortgage and how long to fix for. While a fixed-rate mortgage offers greater stability, as your rate won’t change for the duration of the deal, a variable-rate mortgage could offer lower initial rates (though they’re not guaranteed to stay that way). 

You should also consider your total mortgage term. Borrowing over a longer period of time can bring your monthly repayments down, potentially making a mortgage more affordable. But bear in mind that you’ll pay more interest over the lifetime of your mortgage when you borrow for longer. 

6. Speak with a mortgage advisor to find out your options

It goes without saying that lenders won’t take gender into account when deciding whether to accept your mortgage application. However, every lender has different criteria when it comes to eligibility and how much they’ll lend. Having an expert on your side can help you navigate the mortgage market, optimising your chance of success. 

Methodology

To reveal key trends about women taking out mortgages to buy a home, we analysed our internal data of all sole mortgage applications made between 1 January 2020 and 31 December 2024. 

These calculations are based on average figures and are intended to illustrate general trends rather than provide specific financial advice. Individual circumstances may vary significantly. This research is for informational purposes only and should not be considered as financial or mortgage advice. Always consult with a qualified financial professional before making any decisions regarding mortgages or property purchases.

All data is correct as of 10/02/2025.