Are you a first-time buyer? Then listen up!… Did Jonno down the pub tell you you need a big deposit? Did a Facebook post suggest that self-employment makes mortgages ‘near impossible’?! Don’t listen to them, read on to see what advice is complete nonsense, and get the real support you need to buy your first home.

Myth 1: ‘You need a huge deposit as a first-time buyer’

In truth, many first-time buyers start with just 5% deposits. And there are still schemes out there (like Mortgage Guarantees or Shared Ownership) designed to help bridge the gap.

Myth 2: ‘If you’re self-employed, you can’t get approved’

Being self-employed doesn’t shut the door. You just need to supply solid documentation. Lenders are used to working with freelancers and business owners so if you can prove consistent income, you’re in. There’s more advice on this topic in the blog, ‘Mortgages for the Self-Employed - Make it Easier to Get Approved’.

Myth 3: ‘One bad mark on your credit file ruins everything’

A single blemish doesn’t automatically disqualify you. Lenders look at the full picture; your income, spending, behaviour and how much you can realistically afford. So don’t let one mistake stop you asking the question. There are things you can do to help your credit score, such as clearing credit cards, shopping accounts and cancelling any unnecessary memberships.

Myth 4: ‘Renting is cheaper than owning’

Rent can feel more predictable, and sometimes it’s a lower monthly cost than a mortgage repayment, but it doesn’t build equity or offer long-term security. In many cases, mortgage payments actually stack up competitively with rent and owning gives you something that renting never will: an investment in your future.

Myth 5: ‘You have to stay with your current bank for a mortgage’

Not true! Your bank isn’t your only option when it comes to mortgages. As whole of market advisors, we search the whole market to find the right deal for you, not just the one your bank happens to offer.

Myth 6: ‘You can’t get a mortgage if you’ve got student debt’

Student loans are factored into your affordability, but they don’t stop you getting a mortgage. Lenders just want to see that you can comfortably manage your repayments.

Myth 7: ‘You can’t get a mortgage if you’re on a lower income’

There are plenty of affordable routes to homeownership, from shared ownership to lender affordability schemes. It’s not just about how much you earn; it’s about how you manage it.

Myth 8: ‘Mortgage advice is expensive’

We’ll let you off this one since you’re a first-time buyer! Mortgage advice ranges in price from one broker to the next depending on their choice of business model. I choose not to charge my clients for any advice or administration as the lender commission (that we all get paid), covers all I need. That means, if you come to me for mortgage help, it’s free of charge to you, always, every time.