Females hit harder on mortgage payments

New research suggests some female mortgage holders could be shouldering more of the strain when it comes to homeownership. Findings reveal they may not only be more vulnerable to sudden income loss than men, but are also more likely to make sacrifices to keep up with mortgage payments - often without adequate protection in place.

The research, from LifeSearch and HomeOwners Alliance, surveys a sample of over 500 UK mortgage holders, and reveals just how quickly women would begin to feel the financial impact if their income stopped due to illness or injury: 14% of women say they would fall behind on mortgage payments immediately, compared to just 6% of men. Within two months, 27% of women surveyed said they would be in difficulty, nearly twice the proportion of men (14%). And after six months, over half of women (51%) would struggle to keep up, compared to 39% of men.

Despite this reported vulnerability, some women in the sample say they would take a range of actions to stay on top of payments, often resorting to financial sacrifices or taking on additional responsibilities. Three in ten women (30%) say they would request a mortgage holiday from their lender -  compared to just 20 percent of men - while nearly a quarter (23%) would attempt to bring in extra income through temporary work or side hustles, a route chosen by just 15 percent of men. Others say they would borrow from friends or family (22% of women vs. 16% of men), or cut back on non-essential spending in the household budget.

While these strategies may provide temporary relief, they could store up longer-term financial challenges -  particularly as some women could be faced with juggling the competing demands of family responsibilities, rising living costs, and often less predictable earnings due to part-time work or career breaks.

The research indicates that, among those mortgage holders surveyed, financial protection levels are relatively low - women appear even less likely than men to have insurance cover in place to act as a financial safety net.  Overall, only 55% of women with a mortgage surveyed said they hold any form of protection cover, significantly below the 62% of men who said they have some form of insurance in place.  Less than half (49%) of women with a mortgage hold life insurance, just 18% of these women have critical illness cover, providing a lump sum on diagnosis of a serious condition and only 13% say they have income protection which would replace lost income during periods of ill health.

Debbie Kennedy, CEO at LifeSearch, said: “Women show incredible resilience when faced with financial shocks -  but resilience alone isn’t enough. Many women juggle part-time work, career breaks or caring responsibilities, which often makes their income more vulnerable to disruption. Yet these same realities can make protection feel less relevant or harder to access. Too often, women are navigating these risks without the cover they need or the clear information to make confident decisions. As an industry, we have a responsibility to make protection simpler, more inclusive and better tailored to the way many women really work and live.”

Paula Higgins, CEO at HomeOwners Alliance, added: "Buying a home should offer security, but for many women that security could quickly unravel if their income is disrupted. Women often show remarkable resilience in trying to keep their finances on track, whether by cutting back, taking on extra work or calling on family support, but even so, a short period out of work can place enormous strain on household finances. It’s crucial that we better recognise these pressures and ensure homeowners have the support they need to stay financially stable when life takes an unexpected turn."