Getting a mortgage in the 1960s and 1970s

[GOLDEN OLDIE 15]

Is it true that banks didn't count womens wages when they and their husband were applying for a mortgage in the 60s and 70s?

[Fiat500 17]

We got our mortgage 1975. It was calculated using 3 times my husbands salary and half of mine. At the same time we could not get a loan for carpets because we were too young (only 20). You had to be 21 to get a loan. Times have changed.

[gene 10]

the Halifax would not accept women's wages in 1979 - only allowed my husbands wage at 3 x his salary.

[Ontarian1981 10]

Around 17quid a month for a 2900 pound mortgage, this for a 3 bedroom semi in the suburbs around 1968/9. Price was 3150,I think. We only had my income and it was from the Burnley Building Society. Don't really know what the criteria was,or the interest rate, but I was a skilled tradesman making good money.

[max 13]

In the mid 70s we couldn't get a joint mortgage as we weren't married and they wouldn't lend the money to my OH for the same reason.

[Ontarian1981 10]

In the mid 70s we couldn't get a joint mortgage as we weren't married and they wouldn't lend the money to my OH for the same reason.

 

To think that now there are, arguably, more couples living "in sin" (ha ha),than who are actually married. I guess the criteria has changed somewhat these days lol. If not there would be some mortgage lenders in financial difficulties to say the least. Out of my 5 kids only one is married, but 3 of the other 4 live with someone, in long-term relationships,and all have mortgages.

Edited April 29, 2018 by Ontarian1981

[wrinkly67 10]

1964 - and I don't recall my salary being taken into account. It was a time when our building society allocated a set amount for mortgages at set times and when we applied the allocation for that period had gone which meant waiting for the next allocation. Instead we went to our local council who were lending at the time. A strange experience as we literally bartered them down because we daren't borrow too much. The big risk was that the interest rate was 6.25% - slightly higher than the building society. But it was a fixed rate for the whole mortgage period, so we ended up paying £60+ per QUARTER for the whole mortgage period during which time interest rates soared. It worked out well for us.

Incidentally, at that time my husband was still paid in cash in a weekly wage packet. I worked for a bank so my salary went straight into my account. But, as a woman, I wasn't allowed to have a joint account with my husband. The men though were allowed to have joint accounts with their wives. Imagine that today!

[kris99 11]

I worked for a well known builder in the mid sixties.

I was told women couldn't have or be put on mortgages because "They'll all have babies and won't be able to earn." No maternity leave then.

Another builder sacked his female staff when they married. He said they would become unreliable.

Lots of building work at this time, and men would go from job to job. If they had more than a couple of jobs in a year, they were refused mortgages even they were never out of work.

[Asaw 10]

A former workmate of mine said that his wife had to sign a document that she would not have any kids for a certain number of years,

 

---------- Post added 30-04-2018 at 09:07 ----------

 

Don't know if they do it now but I had to make stage paments .

Footings

groundfloor

sdecondfloor

completion.

I had to get someone who would do that kind of mortgage or get a bridging loan from the bank

[steved32 55]

My wife and I had been teaching for two years in 1980. We applied to the Halifax for a 90% mortgage - refused. We eventually took out an endowment mortgage with Abbey National.

[johnpm 18]

I remember in 1968 when we were getting married you had to go round the Building Societies every month to see if they had money to lend. We were in Leeds Permanent but they didn't seem to favour customers. Got one eventually though for house costing £2695 at High Wincobank.

[old tup 30]

In the sixties we needed a mortgage for a terrace house on Marion Road off Middlewood Road,the house cost £1,000 exactly ,no building society would entertain us but we obtained a mortgage from Sheffield Town Hall!.They even gave us a grant to build a bathroom upstairs,this started us off as we hadn,t two halfpennies to rub together at that time!.Jump forward to the eighties when we owned a new house at Aston which had rocketed in value due to the crazy inflation,our mortgage was with Barclays so I went to them for a bridging loan for £10,000 for one year to finance a self build I was doing!.After spending an hour with a spotty Herbert going through my progress and plans which he poo pooed at every turn my patience went so I asked for the manager to ask how much I owed them on my mortgage,he told me and I wrote a cheque and paid it off there and then and left them with their mouths agape!.I went to Northern Rock who didn,t know me from Adam,they gave me my bridging loan I finished my new house and sold the Aston one and paid it back on the dot!.I never forgot the run around I received in the sixties and I won,t be messed around by anybody when it comes to my finances!.