There is not really such a thing as a "gay mortgage". BUT - home ownership can be fraught with pitfalls for same-sex couples. Banks and Building Societies sell mortgages. They also recommend Life Cover. BUT their Life Cover may not be "gay-friendly".

 

If you buy a property with your partner you may not enter into the best legal agreement for your circumstances. These issues are referred to as Tenancy In Common and Joint Tenancy. Use a solicitor who understands your relationship.

Contrary to popular belief, the Mortgage Loan and the Life Cover DO NOT have to taken from the same provider. In other words, use your Bank for your Mortgage Loan, and seek specialist advice for your Life Cover - before it's too late.

 

A pink mortgage sometimes referred to as a rainbow mortgage or a gay mortgage is a mortgage marketed to gay men, lesbians and same-sex couples. A relatively new phenomenon, these mortgages have become increasingly popular in recent years.
There is however, little or no difference between a pink mortgage and any of the other mortgage products currently available in the marketplace.

The pink mortgage arose from an awareness of two crucial factors.

Firstly, lenders realised that gay men, lesbians and same sex couples might feel a little uncomfortable when discussing their personal situation with a complete stranger, and might even feel as if they are being negatively judged in some way. By creating and marketing a pink mortgage, customers would be made to feel at ease when approaching a bank or building society, relaxed in the knowledge that their particular circumstances have been taken into account and that prejudice and stereotyping will not enter into the negotiations.

The second reason for the advent of the pink mortgage is purely financial. Gay men, lesbians and same-sex couples are considered 'good customers'. Often, they have a solid, steady income, high salaried employment and, without the monetary demands of children, a large amount of disposable income. Most banks and building societies are very keen to lend to gay people. Some lenders are so keen to tap into this secure and lucrative market that they even offer slightly reduced rates as an enticement.

In fact, pink mortgages are now so popular that specialised pink mortgage brokers have even begun to emerge.