{"id":4467,"date":"2026-08-23T22:30:37","date_gmt":"2026-08-23T22:30:37","guid":{"rendered":"https:\/\/trueadvicefinancialservices.co.uk\/news\/?p=4467"},"modified":"2026-08-23T22:30:37","modified_gmt":"2026-08-23T22:30:37","slug":"mortgage-myths-that-could-be-costing-you-a-home","status":"publish","type":"post","link":"https:\/\/trueadvicefinancialservices.co.uk\/news\/mortgage-myths-that-could-be-costing-you-a-home\/","title":{"rendered":"Mortgage Myths That Could Be Costing You a Home"},"content":{"rendered":"

Everyone seems to have a mortgage opinion. Your uncle bought his first flat on one salary back in the nineties and still mentions it at family dinners. A friend saw something on social media about needing a huge deposit and simply gave up looking.<\/p>\n

Somewhere between well-meaning advice and whatever the algorithm decided to show someone last Tuesday, good information can get lost. And that can mean potential first-time buyers, home movers<\/a> and people looking to remortgage<\/a> ruling themselves out before they’ve properly explored their options.<\/p>\n

We regularly speak to people who assumed they weren’t in a position to buy, remortgage or move because of something they’d heard rather than something they’d checked.<\/p>\n

So, let’s look at six common mortgage myths and what’s actually true.<\/p>\n

Myth 1: You need a 20% deposit to buy a home<\/h1>\n

You don’t necessarily need a 20% deposit to get a mortgage.<\/p>\n

The Government’s permanent 2025 Mortgage Guarantee Scheme, introduced in July 2025, is designed to support the availability of mortgages at 91-95% loan-to-value through participating lenders.<\/p>\n

This means eligible first-time buyers and home movers may be able to purchase a property with a deposit as small as 5%, subject to lender criteria and affordability assessments.<\/p>\n

That doesn’t mean a 5% deposit will be right for everyone, or that every applicant with a 5% deposit will qualify for a mortgage. A larger deposit may give you access to a wider choice of mortgage products and potentially lower interest rates, although this will depend on the products available and your individual circumstances.<\/p>\n

A small number of lenders currently go further still, offering 100% mortgages with no deposit at all. These tend to come with stricter eligibility criteria, such as a strong record of paying rent on time or a family member acting as guarantor, and they aren’t available from every lender or suitable for every applicant.<\/p>\n

The important point is that not having a 20% deposit doesn’t automatically rule you out.<\/p>\n

If the size of your deposit is the main thing stopping you from exploring whether you could buy your first home<\/a>, it may be worth finding out what options may actually be available before deciding you can’t proceed.<\/p>\n

Myth 2: Self-employed people can’t get a mortgage<\/h1>\n

Being self-employed doesn’t automatically prevent you from getting a mortgage, although the way a lender assesses your income can be different from the process for an employed applicant.<\/p>\n

Depending on the lender and your circumstances, you may be asked for accounts, SA302s, tax year overviews or other evidence of your income and trading history.<\/p>\n

Different lenders can take different approaches to sole traders, contractors, partners and limited company directors. Some may also consider applicants with a shorter trading history, while others will want evidence covering a longer period.<\/p>\n

The important thing is that lender criteria vary.<\/p>\n

Rather than assuming self-employment will prevent you from getting a mortgage, it can be useful to understand which lenders and products may be appropriate for the way your income is structured.<\/p>\n

Myth 3: Your own bank will always offer you the best mortgage<\/h1>\n

Your existing bank can certainly be one place to look for a mortgage, but it isn’t necessarily the only place worth considering.<\/p>\n

A bank will generally offer mortgages from its own product range. That means looking at one lender doesn’t necessarily tell you how its products compare with mortgages available elsewhere.<\/p>\n

As independent, whole-of-market mortgage advisers<\/a>, we can consider products from a broad range of lenders, subject to lender availability, eligibility and the products available through intermediaries.<\/p>\n

The lowest advertised interest rate isn’t necessarily the best mortgage for a particular borrower either. Fees, incentives, early repayment charges, product features and lending criteria can all affect whether a particular mortgage is suitable.<\/p>\n

The aim isn’t simply to find a low headline rate. It’s to find a mortgage that’s appropriate for your circumstances.<\/p>\n

Myth 4: A poor credit history automatically rules you out<\/h1>\n

A history of missed payments, defaults or County Court Judgments doesn’t necessarily mean that obtaining a mortgage will be impossible.<\/p>\n

Some lenders consider applications from people with adverse credit histories, but the options available can depend on a number of factors.<\/p>\n

These can include the type of credit issue, how much was involved, how long ago it happened, whether it has been settled, and your wider financial circumstances and affordability.<\/p>\n

Recent or more serious credit problems may have a greater impact on the lenders and products available, and interest rates or other terms may differ from those offered to applicants with stronger credit histories.<\/p>\n

The key point is not to assume that a problem appearing on your credit file automatically gives you the answer.<\/p>\n

Understanding your circumstances and the criteria used by different lenders can give you a much clearer idea of what may – or may not – be possible.<\/p>\n

Myth 5: A Decision in Principle means your mortgage is sorted<\/h1>\n

A Decision in Principle (DIP), sometimes called an Agreement in Principle (AIP), can be a useful step when you’re thinking about buying a property.<\/p>\n

It gives an indication of how much a particular lender may be prepared to lend based on the information available at that stage.<\/p>\n

But it isn’t a mortgage offer and it isn’t a guarantee that the lender will ultimately approve your application.<\/p>\n

Depending on the lender, obtaining a Decision in Principle may involve a credit search. Before making a formal mortgage offer, the lender will carry out further checks, which can include verifying your income and expenditure, assessing affordability and considering the property being purchased.<\/p>\n

If your circumstances or the information available to the lender change, the outcome can change too.<\/p>\n

It’s therefore better to think of a Decision in Principle as a useful planning tool for your property search rather than confirmation that your mortgage is done and dusted.<\/p>\n

Myth 6: The longest fixed rate is always the safest choice<\/h1>\n

A longer fixed-rate mortgage can sound like the safest option because it provides certainty over the interest rate – and therefore greater certainty over monthly repayments – for a longer period.<\/p>\n

For some borrowers, that certainty may be valuable.<\/p>\n

But there isn’t one fixed-rate period that’s automatically safest or most suitable for everyone.<\/p>\n

A longer fixed-rate period may come with early repayment charges if you need to leave the mortgage during the fixed period, for example if you repay a significant amount of the mortgage or experience other changes in your circumstances.<\/p>\n

A shorter fixed-rate period may offer greater flexibility, but it also means reaching the end of the initial deal sooner. At that point, the mortgage products and interest rates available could be higher or lower than they are today.<\/p>\n

Nobody can know with certainty what mortgage rates will be in the future.<\/p>\n

The appropriate fixed period therefore depends on factors such as your circumstances, future plans, need for payment certainty and attitude towards potential changes in mortgage costs.<\/p>\n

Rather than assuming that longer automatically means safer – or that shorter automatically means cheaper – it’s worth considering what the different options would mean for you.<\/p>\n

Mortgage rules and products change<\/h1>\n

None of these myths are unreasonable things to believe.<\/p>\n

Mortgage products, lender criteria and Government schemes can change, and something that was true when you last applied for a mortgage may not necessarily be true today.<\/p>\n

That’s why it’s worth checking your actual position before deciding that you can’t buy, move or remortgage.<\/p>\n

At True Advice Financial Services, our independent, whole-of-market mortgage advisers can look at your circumstances, discuss what you’re trying to achieve and consider mortgage products from a broad range of lenders.<\/p>\n

If something you’ve heard is stopping you from making an enquiry, get in touch and we can help you establish what options may be available based on your individual circumstances.<\/p>\n

Important information<\/h1>\n

This article is for general information only and does not constitute personal mortgage advice.<\/p>\n

Mortgage availability, the amount you can borrow and the interest rate and other terms available will depend on your individual circumstances, lender criteria, the property concerned and an affordability assessment. Mortgage products, interest rates, Government schemes and lending criteria can change.<\/p>\n

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.<\/strong><\/p>\n

True Advice Financial Services is a trading style of TA and SE Hollom Ltd, which is an Appointed Representative of New Leaf Distribution Ltd. New Leaf Distribution Ltd is authorised and regulated by the Financial Conduct Authority. Full regulatory information is provided in the website footer.<\/p>\n

Sources and further information<\/h1>\n

HM Treasury – 2025 Mortgage Guarantee Scheme<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Everyone seems to have a mortgage opinion. Your uncle bought his first flat on one salary back in the nineties and still mentions it at family dinners. A friend saw something on social media about needing a huge deposit and simply gave up looking. 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