Bluestone Lending has reported that the number of cases it has received from individual female applicants between October 2020 and March 2021 increased by 38%.
Meanwhile, applications from joint female borrowers followed a similar trend, increasing by 37% at Bluestone over the same period.
Bluestone said these figures indicate there is a growing number of women experiencing financial complications due to the pandemic, either due to impaired credit or problems with employment, with female-dominated industries such as hospitality and tourism amongst the hardest hit.
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Figures from the Office for National Statistics (ONS) revealed that women are more likely than men to have been furloughed during the pandemic, while unemployment among this cohort rose by 174,000 between March and December 2020.
Bluestone said this trend will likely continue over the long-term, and demand for tailored lending will rise among women in the wake of the crisis.
Steve Seal, managing director at Bluestone Mortgages, said: “The impact of the coronavirus crisis was felt particularly by women, with this group more likely to have faced furlough, unemployment and financial hardship over the last year.
“These factors have the potential to significantly impact an individual’s credit score which could, in turn, mean that they are unable to access mainstream lending.
“Today’s figures highlight this fact, and we foresee this reality lasting for some time as women navigate the fallout of the crisis and look at alternative ways of securing financing.
“This signals a major opportunity for the complex credit lending market to evolve and develop, and lenders and advisers in this industry must work together to capitalise on the growth in demand that is expected from female borrowers over the coming years.
“Ultimately, lenders and advisers serving the complex credit lending market will need to support a growing cohort of underserved borrowers over the long-term, so now is the time to prepare accordingly.”
