first-time buyer mortgage myths busted
Buying your first home can be stressful enough without being misled by myths that float around online and among friends. At Oportfolio, we regularly help first-time buyers separate fact from fiction, so they can make informed decisions.
First-Time Buyer Mortgage Myths
Here are some of the most common mortgage myths we hear, and the truth behind them:
Myth 1: You Need a 20% Deposit to Buy a Home
While a 20% deposit may get you better rates, many lenders offer mortgages with just 5% or 10% deposits, especially if you’re using a government scheme or help from family.
Myth 2: All First-Time Buyer Mortgages Are the Same
There are hundreds of mortgage products out there. Some offer cashback, others have lower fees or fixed rates. What’s right for one buyer may not suit another. A broker helps match you to the best fit.
Myth 3: Your Credit Has to Be Perfect
A perfect score helps, but it’s not essential. Many lenders accept applicants with fair credit, especially if you have a steady income and can prove affordability.
Myth 4: You Can’t Get a Mortgage if You’re Self-Employed
You absolutely can. It may require extra documentation, but self-employed buyers secure mortgages every day with the right broker support.
Myth 5: Using a Mortgage Broker Costs Too Much
At Oportfolio, we offer expert advice and access to exclusive deals, often at no cost to the client. We’re paid by the lender upon completion in most cases.
Speak To A Mortgage Advisor
Don’t let myths derail your dream of homeownership. Speak to a knowledgeable broker who can guide you through the truth of what it really takes.
