Don’t Let Mortgage Myths Delay Your Property Plans. If you’re thinking about buying your first home, or even remortgaging, you’ve probably heard a few things that made you pause. At Oportfolio Mortgages, we help clients in London and beyond overcome mortgage confusion with expert, honest advice. In this blog, we’re busting 5 of the most common UK mortgage myths that might be holding you back.
Mortgage Myths
- “You need a 20% deposit to buy a home.”
False. While a 20% deposit may get you better rates, many lenders now offer mortgages with just a 5% or 10% deposit, especially for first-time buyers.
You could also benefit from schemes like the First Homes Scheme or use a Lifetime ISA to boost your deposit savings.
- “You can’t get a mortgage if you’re self-employed.”
Many self-employed buyers wrongly believe they can’t get a mortgage. You can! You just need to show the right evidence. Most lenders ask for:
- 1–2 years of accounts
- SA302s or tax year overviews
- Stable or growing income
We specialise in helping freelancers, sole traders, and directors secure mortgages that match their real earning power.
- “Bad credit means no mortgage.”
This one’s tricky, but not impossible. Some specialist lenders cater to people with:
- Missed payments
- Old defaults
- Low credit scores
Depending on the severity and timing of your credit issues, we may be able to find you a lender who says yes when others won’t.
- “Mortgage rates are too high. I should wait.”
Rates have risen since historic lows, but that doesn’t automatically mean you should wait. Here’s why:
- Rents are still climbing in London and the UK
- House prices are stabilising
- Today’s rates offer long-term certainty
Even in the current market, buying may cost you less than renting long-term. We’ll help you run the numbers properly.
- “All mortgage advice is basically the same.”
This is a dangerous myth. Online calculators and bank branches can’t match the tailored advice of an independent mortgage broker like Oportfolio.
We have access to hundreds of mortgage products, including exclusive deals, and work to get the best one for you, not the bank.
Ready to Bust These Myths for Yourself?
We’ve helped hundreds of clients across Putney, Wandsworth, Fulham, Wimbledon, and beyond understand the mortgage process and secure great deals. Let us do the same for you. Book your free mortgage consultation today at by visiting our contact page, or call us on 02088771169 to speak directly with a professional mortgage adviser.
