Women worse at reviewing mortgage deals

Women are worse than men when it comes to managing their finances, according to new research.

According to Abbey, women are less likely to shop around for a decent mortgage deal and also review their deals less frequently.

It means that many female borrowers are paying more than they need to for their mortgage.

"There are a couple of key reasons why women end up being financially overweight versus men, and then there's probably a few underlying drivers. The key thing is that women do less well in their finances than men at the moment," said Nici Audhlam-Gardiner from Abbey.

"First of all, they spend less time reviewing their mortgage to make sure that it's on a competitive rate. And given that that can be such a big outgoing, that's really important to get right.

"The other big thing for women is they tend to save up less than men do, so actually about 70 per cent of women say that they don't have savings for any more than three months, so they wouldn't be able to survive in an emergency that went on over that period of time," she continued.

Most mortgage holders will be watching closely in the coming weeks to see if the Bank of England's Monetary Policy Committee chooses to cut the base rate of interest.

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