What You Should and Shouldn’t Worry About
Mortgages can often be confusing, especially to first-time buyers. Misconceptions can add to the stress, making the process seem more daunting than it really is. The good news? Many of them simply aren’t true! As a leading provider of professional mortgage advice, we are here to separate fact from fiction and give you peace of mind. Here are some of the biggest myths, along with what you actually need to be concerned about.
You Need a Huge Deposit to Buy a Home
One of the most persistent myths is that you need a huge deposit to get on the property ladder. While a larger deposit can secure you better mortgage rates, it’s not the only way to buy a home. Some lenders offer mortgages with deposits as low as 5%, so there are options for you if you have limited savings. We’re familiar with those letters and will lay out all of the options that are suitable for your budget.
You Can’t Get a Mortgage with Bad Credit
While it’s true that bad credit can limit your options, it doesn’t necessarily mean you won’t qualify for a mortgage. There are an increasing number of lenders out there who are willing to work with buyers with less-than-perfect credit scores. We will take a close look at your individual circumstances and point you in the direction of lenders who we think are likely to approve you. We can also offer some practical tips on improving your credit score.
Self-Employed People Can’t Get a Mortgage
If you’re self-employed, it’s easy to assume that securing a mortgage is near impossible. Banks often seem to favour traditional employment when assessing mortgage applications. More and more people are self-employed now though, and many lenders are willing to work with them as long as they provide proof of a stable income. We understand the unique challenges of buyers in this position, and we can ensure your income documentation meets lender requirements.
You Should Always Stick with Your Current Bank
Many people assume that staying loyal to their bank is the best option when applying for a mortgage. While it’s convenient, it’s not always the most cost-effective choice! Your bank might not offer the most competitive rates or terms. Looking beyond can help you find better deals that save you money over the life of your mortgage. We have access to every UK lender and will comb through all of their products to find you the best deal – and you don’t have to do a thing!
Mortgage Brokers Are Expensive
Some buyers worry that working with a mortgage broker will add unnecessary costs to an already expensive process. Our rates are some of the most competitive you’ll find, and we massively improve your odds of being approved for a mortgage that saves you money. So, you could say that our services pay for themselves in that sense! Plus, if we can’t find you a mortgage you will not have to pay us a penny. Yes, you heard that right!
Talk to Us!
To find out more about us and the services that we offer, please get in touch with our friendly team today. We can’t wait to hear from you!
