It's hard to dispute that women have a tougher time getting ahead in certain sectors than men. While there's certainly an argument that those with a strong will can succeed in anything, the stats often show that females are underrepresented or undervalued in some areas.
In recent years, one of the major talking points has been the gender pay gap. Following the publication of average hourly earnings in April 2019, we know that 78% of the country's largest companies had a gender pay gap in favour of men. That's a problem in and of itself. However, an indirect and possibly overlooked consequence of women earning less than their male counterparts relates to mortgages.
The Property Ladder Isn't Easy to Climb
Anyone trying to get on the UK property ladder will know that it's tough regardless of gender. With the average house price now more than £226,000 and lenders being tighter than they once were, everyone may struggle. Something we do know, however, is that women have had it slightly tougher. In 2015, one in ten women claimed they faced discrimination when applying for a mortgage.
According to NAWRB, the biggest barrier to entry for women trying to get a mortgage is pay. With the gender pay gap meaning women have lower annual incomes, lenders often see them as less desirable candidates. On top of that, motherhood is an issue. Although unsaid, there has long been a perception that female mortgage applicants are discriminated against if they plan to have a baby. In essence, if they're likely to have a long period of time off work or working reduced hours, lenders see them as a greater risk.
Use Every Tool Available
As we know from other walks of life, becoming a mother shouldn't exclude you from anything. However, in the cutthroat world of finance, these types of issues still exist. With that being the case, you need to know your options. Today, there is more information and resources out there than ever before. Simply knowing what a lender offers can help you improve your chances of being accepted for a mortgage. For example, Coventry Building Society is rated as a more consumer-friendly lender than most.
As outlined by online broker Trussle, Coventry mortgage customers had fewer complaints compared to other lenders. The site says that, between July and December 2017, the Financial Conduct Authority (FCA) upheld complaints from just 0.1% of Coventry customers. That's significantly lower than the national average of 0.4%. Although that doesn't mean you're more likely to be approved for a mortgage by Coventry Building Society, it does suggest the company has a desire to be a friendly lender. This, in turn, could give you a better chance of getting the money you need.
Beyond making your own assumptions, mortgage calculators are now more advanced than ever. By using sophisticated algorithms, brokers can process live data. The benefit of this is that the calculators can make suggestions and continually refine them. Taking into account lending rates, approval rates, house prices and more, the software makes it easier to find a suitable deal in the moment. Again, this technology doesn't guarantee you'll get accepted. But any time you can get an edge, you should take it.
Personally, I am over the top excited that we are on the cusp of turning the page on not only a new year but also on a new 10-year window of opportunities and possibilities!
You may be thinking, whoa…I am just embracing the fall season…yikes… it is tough to think about a new decade!
Yet it is this groundwork, this forward thought that you put in place TODAY that will propel you and lead you into greatness in 2020 and beyond. Designing a new decade rests in your ability to vision, in your willingness to be curious, in your awareness of where you are now and what you most want to curate. Essentially, curating what's next is about tapping into today with confidence, conviction, and decision. Leading YOU starts now. This is your new next. It is your choice.
Sometimes to get to that 'next', you need to take a step back to reflect. Please pardon my asking you to spend time in yesterday. Those who know me personally, know that I created and continue to grow my business based on enabling the present moment as a springboard for living your legacy. So, indulge me here! True, I am asking you to peek into the past, yet it is only in order for you to bring the essence of that past forward into this moment called NOW.
One of the best ways to tap into what's next is to clarify what drives you. To design a new decade, ask yourself this question about the past ten years:
What worked? What were my successes?
Make a list of your achievements big and small. Don't type them, but rather use ink and paper and sit with and savor them. Move your thoughts and your successes from your head, to your heart, to your pen, to the paper. Remember that on the flip side of goals not attained and New Year's resolutions abandoned, there was more than likely some traction and action that moved you forward, even if the end result was not what you expected. Once you have a full list of a decade's worth of personal and professional accomplishments, think about how this makes you feel. Do you remember celebrating all of them? My guess is no. So, celebrate them now. Give them new life by validating them. Circle the successes that resonate with you most right now. Where can you lean into those accomplishments as you power into the decade ahead?
Now comes a tougher question, one that I used myself in my own mid-life reinvention and a question I adore because in a moment's time it provides you with a quick reconnect to your unique inner voice.
If it were 10 years ago and nothing were standing in your way, no fear or excuses to contend with…what would you do?
Don't overthink it. The brilliance of this question is that it refocuses purpose. Whatever first came to mind when you answered this for yourself is at its core a powerful insight into defining and redefining the FUTURE decade. Bring your answer into the light of today and what small piece of it is actionable NOW? Where is this resonating and aligning with a 2019 version of yourself?
Then, based on your success list and your answer to the above question, what is your 2020 vision for your business and for the business of YOU?
Designing a new decade begins as a collection of 3,650 opportunities. 3,650 blank slates of new days ahead in which to pivot and propel yourself forward. Every single one of those days is a window into your legacy. An invitation to be, create, explore, and chip away at this thing we call life. One 24-hour segment at a time.
While you have a decade ahead to work on design improvements, you have the ability to begin manifesting this project of YOU Version 2020 right NOW. Based on exploring the exercises in this post, begin executing your vision. Ask questions. Be present. Let go of 2019 and the past 10 years so that you can embrace the next 10. Position acceptance and self-trust at the forefront of how you lead you. One choice at a time.
Don't get bogged down in the concept of the next 10 years. Instead position clarity and intention into each new day, starting today. Then chase every one of those intentions with an in-the-moment commitment and solution toward living a legendary life!