Buying your first home can feel overwhelming, and it doesn’t help that there are so many first time buyer myths circulating online and through friends or family. At Oportfolio Mortgages, we regularly help clients cut through first-time homebuyer myths and understand what lenders actually look for. The reality is often very different from what you may have heard.
Here are some of the most common myths, and the truth behind them.
First-Time Buyer Mortgage Myths (UK)
Understanding these first time buyer myths can help you make better decisions and avoid unnecessary delays.
Myth 1: You Need a 20% Deposit to Buy a Home
One of the most common first-time homebuyer myths is that you need a large deposit to get started.
In reality:
- Many lenders offer mortgages with just 5% deposit
- 10% deposit opens up more competitive options
- Gifted deposits from family are often accepted
While a larger deposit can improve your rates, it is not essential to get on the property ladder.
Myth 2: All First-Time Buyer Mortgages Are the Same
Another widespread first time buyer myth is that all mortgage deals are similar.
The truth:
- There are hundreds of mortgage products available
- Some offer cashback or incentives
- Others have lower fees or better long-term rates
Choosing the right mortgage can significantly impact your monthly payments and long-term costs.
Myth 3: You Need Perfect Credit to Get a Mortgage
Many buyers delay applying because of this first-time homebuyer myth.
In reality:
- You do not need a perfect credit score
- Many lenders accept “fair” credit profiles
- Strong income and affordability can offset minor credit issues
The key is matching your profile to the right lender.
Myth 4: Self-Employed Buyers Can’t Get Mortgages
This is one of the most outdated first time buyer myths.
The truth:
- Self-employed buyers can absolutely get a mortgage
- Lenders will assess income differently
- With the right documentation, approval is very achievable
The challenge is not eligibility, it’s choosing the right lender.
Myth 5: Using a Mortgage Broker Is Expensive
A common concern driven by first-time homebuyer myths is that brokers add unnecessary cost.
In reality:
- Many brokers (including Oportfolio) are paid by the lender
- Advice is often free to the client
- Brokers can access deals not available directly
More importantly, the right broker can save you far more than they cost.
The biggest first-time buyer misconception
The biggest issue with these first time buyer myths is that they cause hesitation.
We often see buyers:
- Waiting longer than necessary
- Saving more than they need
- Applying to the wrong lender
In many cases, buyers could move forward sooner with the right advice.
Oportfolio insight
Across London and the South East, we regularly help first-time buyers who have been misled by outdated or incorrect information.
In most cases:
- The deposit requirement was lower than expected
- Borrowing potential was higher than assumed
- The issue was simply lack of clarity
The right advice can make the process far simpler than it appears.
Speak to a mortgage advisor
If you’re unsure what’s true and what’s not, it’s worth getting clarity early.
We can help you:
- Understand what you can realistically afford
- Navigate first-time buyer mortgage options
- Avoid common mistakes
- Move forward with confidence
Book a quick affordability review with Oportfolio Mortgages and get clear, expert guidance tailored to your situation.
FAQ: First-Time Buyer Myths
Do I need perfect credit to get a mortgage?
No, many lenders accept applicants with fair credit.
Can self-employed first-time buyers get a mortgage?
Yes, with the right documentation and lender choice.
Are mortgage brokers expensive?
Often no, many are paid by the lender, not the client.
Are first-time buyer myths accurate?
Many are outdated or incorrect, which is why expert advice is important.
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