5 Mortgage Myths That Could Be Costing You Money

05 Aug
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5 Mortgage Myths That Could Be Costing You Money

When it comes to getting a mortgage, misinformation is everywhere. Whether you’re a first-time buyer, self-employed, or remortgaging, believing these common myths could be holding you back – or costing you money.

At Impact Specialist Finance, we’re here to set the record straight and help you make informed choices. Here are five mortgage myths we think you should know about:

Myth 1: “I need a huge deposit to get a mortgage”

While a larger deposit can open up better rates, you don’t always need a hefty sum to get on the property ladder. Many lenders offer mortgages with as little as 5% deposit, and specialist lenders can help those with gifted deposits, family assistance, or even non-standard income sources. It’s all about knowing where to look -and that’s where we come in.

Myth 2: “Only my bank can offer me the best deal”

It’s easy to assume that staying with your bank is the simplest option, but it could also mean missing out on better rates or products. Banks can only offer their own deals, whereas specialist brokers like us have access to a wide range of lenders, including exclusive products not available to the public. We can match you with lenders who understand your circumstances.

Myth 3: “A low interest rate means it’s the cheapest option”

A low rate can be appealing, but it’s not always the best value. Many mortgages with ultra-low rates come with high arrangement fees or other costs that add up over time. A mortgage is more than just the rate – it’s about the total cost. We help you look at the full picture to ensure you’re getting a deal that works for you.

Myth 4: “Self-employed people can’t get a mortgage easily”

Being self-employed, a contractor, or freelancer doesn’t mean you can’t get a mortgage. Specialist lenders are well-versed in handling complex incomes, taking a flexible approach to assess your earnings. At Impact Specialist Finance, we know which lenders are open to self-employed applicants and how to present your case to give you the best chance of success.

For a deeper dive into securing a mortgage with complex income, read our blog: ‘How to Get a Mortgage with Complex Income: A Guide for Contractors, Self-Employed & Freelancers.’

Myth 5: “Once I’ve got a mortgage, I don’t need to review it”

Many borrowers fall into the trap of sticking with the same mortgage for years, unaware that they could be paying more than necessary. Regularly reviewing your mortgage could save you money, especially if your initial deal has ended and you’re now on a lender’s Standard Variable Rate (SVR). We can help you explore remortgage options that suit your current needs.

Don’t Let Mortgage Myths Hold You Back

Every borrower’s situation is unique. At Impact Specialist Finance, we take the time to understand your circumstances and find a solution tailored to you. Whether it’s your first home or a complex remortgage, we’re here to guide you through the process with expert advice and access to a wide range of specialist lenders.

Contact us today and see how we can help you save time, stress, and money on your next mortgage.

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dan G.
09:52 01 Jul 25
Excellent service....again

Thanks to Kelly for getting me the perfect deal and to Kevin for helping to clear an issue the lender had made, very pleased to continue to work with impact for my mortgage
Kye S.
12:02 21 Feb 25
We had an outstanding experience with Kelly, Kevin, and Catherine from Impact. From start to finish, their support, knowledge, and professionalism were second to none.

Kelly was our first point of contact, and her dedication to getting our mortgage application underway was truly unmatched. She took the time to understand our needs and made the entire process feel seamless. Kevin and Catherine then guided us through to completion, keeping us informed every step of the way. Their expertise and clear communication made what can be a stressful process feel effortless.

We are incredibly grateful for their hard work and would highly recommend Impact to anyone looking for mortgage advice. Thank you, Kelly, Kevin, and Catherine, for making this journey so smooth!
Samantha R.
10:42 07 Feb 25
During one of our property sales i worked along side Sue Allen and she was professional, on the ball and helpful along the way! look forward to working together again soon.

Thanks Sue

Sammy Haart
Robbie
15:17 03 Feb 25
Our company have worked with the team at Impact for a few years now but mainly Sue, and she has been a true professional in this field of late. She has gone above and beyond these last few months helping us with a difficult third party on a project we are soon to be completing on.
I would highly recommend them to anyone who is seeking friendly and helpful advice.

They are professional, friendly, quick to respond, always ready to assist, and go above and beyond for their customers.
Tracey G.
07:38 10 Aug 23
When placing a specialist case, Impact is always my first and probably only choice. All the staff are so professional and thorough and always get the job done. Melanie you have been fantastic, always great communication and such a pleasure to deal with.
Charlie B.
18:56 22 Feb 23
Excellent service from start to finish and we were constantly kept updated on the progress. Our case manager Jill Muir was very helpful and pleasant to deal with.
Gemma G.
11:20 01 Feb 23
I have used Impact on several occasions now to place complex cases and every time we have got to offer against all the odds! Melanie Orrell was professional, responded quickly and guided me through the process. Thank you!
Alex D.
19:44 28 Sep 22
Outstanding from start to finish.

The team we were dealing with at Impact (Jill and Catherine) along with Dale and everyone else involved have simply made the impossible a reality. The process of buying our home took nearly a year with setbacks from the developer but the team at Impact not only negotiated an amazing offer with a lender but also kept the deal alive! So grateful to everyone at Impact SF!!! Highly recommend!
Caitlin
17:27 29 Jun 22
Impact Specialist Finance helped us get onto the property ladder a little under a year ago and we can not thank them enough. Most lenders would not touch us but Impact Specialist Finance found us a provider and got us through the process. Due to the pandemic, it was a longer process than you'd usually expect but ISF remained professional and proactive throughout. Roz was lovely and deserves a medal for putting up with my daily harassment. She regularly chased our slow lender and provided us with updates. Thanks to Roz and all the team.