Debunking Mortgage Myths: Busting 10 Myths for Homebuyers in the UK

Myths VS Facts

In the world of mortgages, misinformation often clouds the path to homeownership. Let’s shine a light on more common myths, empowering you to pursue your dreams without stumbling over falsehoods.

Myth 1: “Securing a Mortgage While Self-Employed is a Herculean Task”

Yes, the self-employed face rigorous checks, but an increasing number of lenders cater to this demographic. With a network of over 90 lenders, our advisers streamline this process, walking you through the options available.

Myth 2: “Receiving Benefits Means I Can’t Qualify for a Mortgage”

Contrary to belief, many lenders consider applicants on benefits, especially if backed by other income streams or assets. Demonstrating your ability to meet repayment schedules could open doors to securing a mortgage.

Myth 3: “Age is a Barrier to Obtaining a Mortgage”

Age isn’t the roadblock it’s often perceived to be. Several lenders extend their mortgage offerings to applicants over 80, provided there’s sustainable income. Exploring later-life mortgages or equity release could also offer viable options.

Myth 4: “I’m Not Responsible for Mortgage Payments After a Breakup”

Joint financial commitments persist even after a breakup. Both parties remain liable for debts, impacting credit scores if not managed properly. Seek guidance on separating yourself from a former partner’s property and debts.

Myth 5: “Bad Credit Means No Mortgage Options”

Having a history of bad credit doesn’t automatically disqualify you from getting a mortgage. While it may limit your choices, several lenders specialize in offering mortgages to individuals with less-than-perfect credit scores.

Factors to Consider:

While bad credit might pose challenges, it doesn’t automatically eliminate mortgage options. Exploring specialist lenders, improving credit health, and seeking advice can significantly enhance your prospects for securing a mortgage.

Myth 6: “Freelancers or Gig Workers Can’t Secure Mortgages”

It’s a common misconception that freelancers or gig workers struggle to secure mortgages due to their variable income. While verifying earnings might differ from traditional employment, many lenders now consider this income type. They may assess your income over an average of years rather than months to determine loan eligibility.

Myth 7: “High Deposit is the Only Way to Secure a Mortgage”

While a larger deposit often offers favourable terms, many lenders offer mortgage deals with a lower deposit. You might require a minimum of 5-10% of the property value, but various options are available to help first-time buyers with smaller deposits.

Myth 8: “Student Loans Prevent Mortgage Approvals”

Having a student loan doesn’t necessarily obstruct mortgage approval. Lenders primarily assess your ability to afford monthly repayments based on your income-to-debt ratio. The student loan itself might not influence the decision, but the overall financial picture will be considered.

Myth 9: “Homeownership is Unattainable with Irregular Income”

Irregular income can present challenges but doesn’t preclude homeownership. If you’re self-employed or have varying income streams, lenders may assess your earnings over a more extended period, considering your average income to ascertain affordability.

Myth 10: “Applying for Multiple Mortgages Damages Credit Score”

Each mortgage application does prompt a hard inquiry on your credit report, which can have a slight impact on your credit score. However, if multiple inquiries occur within a short time frame, such as within 14-45 days (depending on the credit scoring model), they’re often counted as a single inquiry. Responsible and well-timed applications won’t significantly harm your credit score.

If you’re looking for a mortgage, look no further! Get in touch with our team, and we’ll point you in the right direction.

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How to check your current credit score

A good place to start when you have issues with your credit file is to check your credit report.

It’s important to note that while having a good credit score can increase your chances of being accepted for a mortgage, there are other factors that lenders consider as well.  These include your income, employment history, debt-to-income ratio, and the size of your deposit.

To increase your chances of being accepted for a mortgage, you can take steps to improve your credit score and address any issues on your credit report, such as reducing debt, making payments on time, and disputing any errors on your report.

If you need further guidance with understanding your credit report, send a copy of your report to

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