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.