According to research from Mojo Mortgages, men’s average monthly income is £2,568, whereas women’s average monthly income stands at £2,146.
This equates to a gap of £422, equal to 19% more each month.
There is also a savings gap, with men able to save around £531 per month and women saving £377 per month.
The reduced savings capacity means that women face “longer paths to mortgage-ready deposits.”
The report found that as lenders typically cap borrowing at four-and-a-half times a person’s salary, there can also be a difference in borrowing potential.
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A man saving a 10% deposit on an average flat or maisonette at £191,600 would be able to secure a 4.3 times mortgage-to-salary ratio, within lender requirements.
However, a woman would need to save a 28% deposit to reach a ratio of 4.46 times income.
‘Substantial mortgage affordability gap’
Helen Lovell, senior mortgage broker at Mojo Mortgages, said this research shows the “gender pay gap translates into a substantial mortgage affordability gap”.
She continued: “Women often need to save nearly three times the deposit amount compared to men to meet standard lending criteria. This creates a more challenging and prolonged path to property ownership for women.”
By combining all the above, this means that a solo male borrower would be able to save the expected deposit in three years, whereas a woman would take around 11 years and nine months.
Lovell said: “This near-decade difference represents more than just time; it’s a significant portion of a woman’s life spent in financial limbo. The extended saving period of almost nine years doesn’t just delay homeownership – it can significantly impact mortgage affordability, borrowing potential, and long-term property investment strategies.
“At Mojo Mortgages, we’re committed to understanding these challenges and providing tailored mortgage advice that recognises the unique financial journeys of women seeking to buy their first home.”
This article was first published on YourMoney.com‘s sister site, Mortgage Solutions. Read: Time to save for a deposit is four times longer for solo women
