Mortgage Myths That Keep Buyers Stuck
Think you need a huge deposit or perfect credit to buy a home? Here are the biggest mortgage myths keeping buyers stuck, and the truth behind them.
Buying a home is one of life’s biggest financial decisions, but many people hold back because of common misconceptions. These myths can stop buyers from even trying — when in reality, the truth often looks very different.
Here are the most common mortgage myths that keep people stuck, and what’s actually true.
Myth 1: You need a huge deposit
The truth: While a bigger deposit can give you more options, there are mortgages available from as little as 5%. It’s about affordability and preparation, not waiting years to save endlessly.
Myth 2: You need perfect credit
The truth: Lenders do look at your credit history, but you don’t need a flawless score. Plenty of lenders work with people who’ve had the odd blip, as long as the rest of the case is strong.
Myth 3: Renting means you can’t get a mortgage
The truth: Renters often assume they’re stuck, but lenders look at income and affordability, not whether you already own property.
Myth 4: Self-employed people can’t get mortgages
The truth: Yes, lenders ask for more paperwork, but plenty of options exist. Showing consistent income is what really matters.
Myth 5: It’s all about income multiples
The truth: Lenders do use income multiples as a guide, but commitments and outgoings are just as important.
The Bottom Line
Mortgage myths stop too many buyers from taking their first step. The reality is that with the right advice and preparation, homeownership may be closer than you think.
Your home may be repossessed if you do not keep up repayments on your mortgage or other loan secured against it.
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No. Some mortgages are available with as little as 5% deposit, depending on your circumstances.
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Yes. Some lenders specialise in helping buyers with past credit issues, though criteria will vary.
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It can require more paperwork, but there are many lenders open to self-employed applicants.
