Mortgage myths – fact versus fiction
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Mortgage myths – fact versus fiction
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MYTH: You need a perfect credit rating
A bad credit history can have a negative impact on your mortgage application, but it doesn’t make getting a mortgage impossible. Indeed, there are specialist lenders who offer mortgages to people with less favourable credit histories.
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MYTH: You can’t get a mortgage if you’re self-employed
It’s also a myth that being self-employed means you can’t get a mortgage. You might have to jump through a few extra hoops to prove your income, but with the rise of freelance and flexible work, many lenders are now better suited to assess different employment situations.
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MYTH: You should choose a home before thinking about mortgages
The opposite is true! It’s a good idea to meet with us before finding your dream home. Securing an Agreement in Principle will speed things up once you have an offer accepted.
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MYTH: You should always pick the lowest interest rate
Although it’s natural to focus on the headline figure, a low initial rate does not necessarily mean a cheaper mortgage. If you’re on a tracker mortgage, for example, the rate can rise at any time. So, a higher fixed rate might end up cheaper in the long term. Different fees can also come into play; we can weigh up your options.
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MYTH: You need to get a mortgage from your current bank
There’s no obligation to get a mortgage from your current bank. In fact, it’s a good idea to compare multiple providers to find the best deal for your needs – that’s where we come in!
Get in touch
We can help dispel myths at every stage of your mortgage journey. Our clear and transparent approach will help you find the most suitable mortgage for your circumstances.
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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