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Overcome the Mortgage Gender Gap with a Hop, Step and Some Tech

Finance

Feature Photo credit: "Mortgage" (CC BY 2.0) by Got Credit

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

"Ladder" (CC BY-SA 2.0) by treehouse1977

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.

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Women in Power: How to Get Better at Mentorship and Business Leadership

If you are reading this, then it is quite likely that you are a business leader and mentor already, and the very fact that you are looking to improve your skills beyond your current capacity means you are already ahead of the game.


In corporate sectors all around, a general trend has been observed which point towards the conclusion that talented women employees do thrive better under female mentorship. What this means is that women at the forefront of corporate leadership today must continue to improve in their ability to both lead and mentor the leaders of tomorrow. This is facilitated by the easy availability of ILM Level 7 Executive Coaching courses and training nowadays, which we are going to discuss in detail next.

Improving as a Mentor: Where Do You Start?

Given that improving on leadership and mentorship skills only concerns those that are already leading businesses and tutoring fresh talent under them, the very first requirement here concerns completing advanced ILM Level 7 Coaching programs.

However, in order to also include a more comprehensive educational curriculum and training to hone your mentorship skills to a point, it would be a good idea to go with a BCF Group program, which will help you to get that widely respected and vastly useful ILM Level 7 Certificate in Executive Coaching and Mentoring.

The BCF Group is one of the UK's most highly rated Institute of Leadership & Management (ILM) Approved Centres for ILM Level 7 Executive Coaching Courses. To know more about what exactly to expect during and after completing your ILM Level 7 Qualifications in Executive Coaching and Mentoring from the centre, head over to the official site.

In the meantime, some of the advantages of their ILM Level 7 Coaching curriculums can be highlighted as follows:

  • Advanced understanding of high-level coaching and mentoring theories
  • Critical evaluation of one's own leadership mentoring and executive coaching practices
  • Knowing how to relate someone's personality and nature of business to her own mentoring practices
  • Personal growth: Effective learning and mentoring fellow coaches

Once you have the ILM Level 7 Coaching Certificate, you are finally ready to take on advanced responsibilities as a business leader and significantly improve on your ability to mentor the fresh, female executives and leaders that rely on you for guidance.

Without the necessary advanced education and training, progress would not be possible after a point, but once you do end up completing your certifications, it is time to build on that that knowledge and training by adding your own unique touches towards developing a mentoring procedure for your clients/executives.

Understanding the 3 Different Aspects of Mentorship which Hold the Most Value to Corporate Women

There are various different aspects of business coaching, but most women usually need more assistance and guidance in some particular areas over others. If you have a certificate in executive coaching and mentoring, you most likely possess the ability to cover at least two of them for your clients.

After going through the opinion of numerous business mentors who have had a great deal of experience in working with talented women across multiple fields, the primary mentoring needs of corporate women in particular seem to be divided into three broad categories:

  • Advisory mentorship
  • Strategic mentorship
  • Operational mentorship

Advisory Mentorship: Feedback

Most women working in a corporate environment agree that their managers are not as straightforward or guiding with their feedback to the female executives as they are usually with the male executives. The feedback is, of course, extremely important for growth, and in its absence, improvement and employee evolution is often stunted - even in those with potential.

The advisory role of the mentor is meant to fill this damaging gap by providing her with valuable feedback which she can then use to further her own progress. It is important for everyone, regardless of gender, to get a clear idea regarding what their weaknesses are that they need to work on, as well as getting feedback on their strengths, so that they know exactly what to rely on in times of urgency. The advisory role played by a coach and mentor involves doing both and much more.

Strategic Mentorship: Exposure

Exposure is another part of the industry where women employees and even female business owners are lagging behind, since managers, partners and other decision makers often end up highlighting the best performing men over the equally talented (if not more so) women.

The job of the strategic mentor is to make sure that her clients are not overshadowed by anyone. They work towards bringing the spotlight to talented leaders and executives, so that they too can form valuable partnerships, get promotions, and find more suited roles for their talents. It is to be noted that experienced and well-connected business coaches who have been in the field for a while make the best strategic mentors for obvious reasons.

Operational Mentorship: Advice

Operational mentorship goes beyond just the generic advice, but involves an actual process and step by step solution to overcoming obstacles in a female executive's path to success, be it for an immediate project or a long-term goal.

Just as experienced coaches and mentors are ideal for strategic mentorship, women need more industry specific guidance when it comes to operational mentors. They need to be women who have actually worked in the specific field concerned, or finding practical solutions and forming strategies to overcome specific obstacles will prove difficult, even if the mentor has her best interests in mind.

When you are a highly qualified, experienced and successful female business coach, know that you are not only helping your clients reach success, but you are at the same time being seen as a role model for women working in the corporate sector. Every time you succeed in making another woman reach her goals, you are inspiring more women to follow in your footsteps, as well as showing them how to walk that road to success by mentoring them.