Stop Stressing About Mortgage: The Real Truth Behind What You Actually Need to Buy a Home

Mortgage this, mortgage that. 

If you’re like most people trying to get on the property ladder, you’ve probably heard a thousand conflicting things about how to get a mortgage. Some folks will have you thinking it’s only for the rich, the flawless or those with fairy godparents.

Bring your tea closer, we are here to spill  the truth: applying for a mortgage doesn’t have to feel like trying to solve a Rubik’s Cube blindfolded. In fact, it can be pretty straightforward once you strip away the nonsense and also know the tips/myths you wish your group chat had shared before now.

Myth 1: You Need a Perfect Credit Score to Get a Mortgage

Let’s clear this up fast. No, you don’t need a spotless credit history to land a mortgage. That myth needs to be thrown straight in the bin.

Sure, a higher score opens more doors and better interest rates but it’s not the only key to homeownership. Different lenders use different criteria and what’s a red flag to one might be a green light to another.

The Breakdown: If you got a low score, just chill. Clean up your credit file, get on the electoral roll, pay down debts and avoid taking on new loans when you’re about to apply. Your credit situation today doesn’t define your chances forever.

Myth 2: You Must Have a 10% Deposit or More

This one needs to be stopped. 

Yes, a 10% deposit can land you better deals but it’s not a hard rule.

There are options like Deposit Unlock, Shared Ownership and schemes that let you buy with as little as 5% down. Some developers even offer incentives that count toward your deposit.

The Reality Check: If your savings account is more “meh” than “massive,” don’t count yourself out. Mortgage deals exist for the modestly deposited too.

Myth 3: If Your Family Wants to Help, They Must Gift You Cash

Who even came up with this, cause it’s not true.  While gifted deposits are lovely (hi, Mum), they’re not the only way family can help you get a mortgage.

Joint Borrower Sole Proprietor mortgages allow a family member to help with repayments without co-owning the house. It’s basically a team effort where you’re still the sole owner.

Safe Tip: Think of it like your mum helping you with school fees where you’re still the student but she’s the sponsor. Make sure everyone understands the commitment.

Myth 4: Chains Will Trap You Forever

Chains can feel like playing Jenga with your future. One wrong move and everything collapses. Don’t panic. There’s another way.

Many new build developers offer part exchange deals. That means they’ll buy your current home from you directly. You skip the selling drama, estate agent fees and awkward viewings.

Myth 5: You Can’t Get a Mortgage If You’ve Only Been Self-Employed for One Year

Whoever started this rumour clearly never met a proper hustler. While it’s true that some lenders prefer three years of accounts, others are happy with one  as long as you show strong income and legit future earnings.

The Strategy: Bring your A-game. That means your SA302s, proof of gigs, contracts in the pipeline and bank statements. Prove you’ve got a stable business and some lenders will give you a shot.

Myth 6: Mortgage Brokers Are Just Unnecessary Middlemen

You could go mortgage shopping alone, but why would you? A broker is like your personal shopper for home loans. They know the market, the secret deals and which lenders are allergic to certain credit profiles.

The Ultimate Rule: Don’t wing it. A good broker can save you stress, time and possibly thousands of pounds. Let them do the maths while you focus on choosing curtain colours.

The Part of Mortgages No One Talks About

Let’s peel back the curtain a bit more. Mortgage approval is more than just your income, it’s about your spending habits too. 

Ever seen a bank statement that screams “soft life”? So will your lender.

Things they care about:

• How often you’re in overdraft.
• Subscriptions you forgot you had.
• Spontaneous takeout orders and impulse Zara hauls.

Best possible advice, trim the spending fat a few months before applying. Show them you’re responsible, not reckless. Your application will thank you.

Also, remember:

• Location matters: Your money goes way further outside major cities.
• Start small if you have to: The first home doesn’t need to be your dream home.
• Save beyond the deposit: There’s stamp duty, solicitor fees, moving costs, don’t let them catch you off guard.

Real Mortgage Talk From In-house

We’ve seen people go from “there’s no way” to “keys in hand” just by busting these myths and playing smart.

Whether you’re employed, freelancing, running your own thing or simply figuring it out,  there’s probably a mortgage out there for you. It’s just about understanding what lenders want and showing up with receipts (the good kind).

Something Big Is Coming This Week

A fresh video is dropping on our YouTube channel and it has got layers!. 

You’ll want to catch this whether you’re house hunting, refinancing or just curious about how the investment  game is evolving. 

Final Words….

Mortgages can feel like a maze, but once you know the myths from the facts, it’s way easier to navigate. Got questions about mortgages? We’ve got answers. So hit us up. Let’s help you buy smart, stay calm and enjoy the journey.

Don’t forget to catch up on our previous posts. Till next time>>>>