The Mortgage Mum: Helping Women Take Better Control of Their Finances
Women are among those most underserved by mortgage providers.
A report compiled by Women’s Budget Group last year shows that when buying a house women need over twelve times their annual salaries to be able to buy a home in England, while men need just over eight times.
This is why, I cannot wait to tell you about Hampshire’s Mortgage Mum, Colleen Sykes.
The Mortgage Mum comprises of a handpicked national team of Mortgage Mums that have a wealth of life experience as well as financial. They are driven, focused, passionate women who want to make a difference in the lives of their customers.
Colleen said: “I loved the ethos and culture of The Mortgage Mum. Not only does it support women wanting to train to be a mortgage broker and have flexibility around their careers, but it also has a fantastic internal support network of wonderful women!”
Colleen is all about putting the personal back into personal financial services and advice. And it’s not just mortgages! This team of superwomen also have your back when it comes to insurance and even business funding.
I caught up with Colleen, one of the experienced and personable mortgage brokers over at The Mortgage Mum, from her Hampshire home.
Supporting women with their financial goals
Colleen herself had an over 30-year career in the mortgage industry, 5 of which were spent leading a team of relationship managers here in Hampshire. She’s coached and mentored mortgage brokers and excelled in relationship and leadership management. So it’s not too surprising she couldn’t quite get on with the early retirement she’d planned.
Despite leaving the banking world in 2019, Colleen knew she wasn’t done with helping people achieve their financial goals. Along came The Mortgage Mum!
Women are currently more likely to insure their pets than themselves
I chatted to Colleen about why she felt so passionately about her work in enabling women to take more control over their finances. She explained that more people insure their phones and pets than themselves… and the worst culprits? Women!
Stay-at-home-mums, in particular, are much less likely to insure their own lives – in the misguided sense that because they aren’t earning, they aren’t ‘worth’ insuring. Colleen is excited about the generational change that’s afoot.
Thanks to the rising popularity of companies like The Mortgage Mum, women are becoming more financially savvy than ever before.
Changing the landscape
With the majority of parents working, things like life insurance, income protection and mortgages are becoming dinner table conversations, which Colleen has noticed becoming the norm with her grown-up daughter and friends.
Considering that women were continually refused mortgages without a male guarantor until the 1970s (!!!!!)… we’ve come a long way.
Colleen helps women with getting their first, or future, mortgage by clarifying the jargon, finding the right mortgage product for you and complete the paperwork too!
As an industry and Hampshire mortgage specialist, Colleen has access to deals that you simply won’t see anywhere else. Plus, she’ll always break down the ongoing costs, not just focus on the interest rate.
As well as expert mortgage advice, Colleen has a brilliant and simple ethos on insurance – “My philosophy has always been if you protect/insure something, then it’s not going to happen. And for the majority of us, this will hold true.”
Only 56% of women had coverage in 2016, according to the Life Insurance Marketing and Research Association. That’s a problem considering that 86% of women aged 40 to 44 are mothers. *
As Colleen explained, women who are not the breadwinner or are the primary care-giver, tend not to ensure their own lives. The problem with this is, if they were to pass away, the childcare would have to be handled by the breadwinner… leaving a substantial household deficit.
One of Colleen’s missions surrounding women and money is ensuring that women are insured and protected whether or not they earn a wage.
I’m really excited to tell you that I picked Colleen’s brain on two of the hottest topics in the mortgage world, right now. How to get mortgage ready in 6 months and How Covid-19 will affect getting a mortgage.
If you’re looking to jump on the property ladder, move house or find out how your mortgage options may have changed – stay tuned!
In the meantime, you contact Colleen directly at Colleen@themortgagemum.co.uk
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