When it comes to getting a mortgage, misinformation is everywhere. Whether you\u2019re a first-time buyer, self-employed, or remortgaging, believing these common myths could be holding you back – or costing you money.<\/p>\n
At Impact Specialist Finance, we\u2019re here to set the record straight and help you make informed choices. Here are five mortgage myths we think you should know about:<\/p>\n
Myth 1: \u201cI need a huge deposit to get a mortgage\u201d<\/strong><\/p>\n While a larger deposit can open up better rates, you don\u2019t 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\u2019s all about knowing where to look -and that\u2019s where we come in.<\/p>\n Myth 2: \u201cOnly my bank can offer me the best deal\u201d<\/strong><\/p>\n It\u2019s 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.<\/p>\n Myth 3: \u201cA low interest rate means it\u2019s the cheapest option\u201d<\/strong><\/p>\n A low rate can be appealing, but it\u2019s 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\u2019s about the total cost. We help you look at the full picture to ensure you\u2019re getting a deal that works for you.<\/p>\n Myth 4: \u201cSelf-employed people can\u2019t get a mortgage easily\u201d<\/strong><\/p>\n Being self-employed, a contractor, or freelancer doesn\u2019t mean you can\u2019t 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.<\/p>\n