Many people who want to buy a home do not move forward because of outdated things they've heard from family or friends. We've seen how easily misinformation can delay or derail a potential buyer's journey.

In this blog we look at 4 common myths first-time buyers often believe, and we bust them!

Myth 1: "You can't buy a home without a big deposit"

This is one of the most widespread assumptions, and it stops a lot of renters from even exploring their options. In reality, many buyers get started with a 5% deposit. Schemes designed to support lower deposits are still available, such as the Mortgage Guarantee and Shared Ownership schemes.

Myth 2: "Being self-employed makes it impossible to get a mortgage"

It's true that self-employed clients often need to show more documentation, but they're far from excluded. Lenders are used to working with freelancers and business owners. Income from self-employment can absolutely support an application when backed up with solid records.

Myth 3: "One bad credit score means I won't get approved"

Lots of potential buyers assume it's all about the credit score and if theirs isn't perfect, they don't stand a chance. In practice, lenders look at a much wider picture: income, spending habits, recent behaviour, and overall affordability. Your credit history doesn't have to define your outcome.

Myth 4: "Renting is cheaper than buying"

At first glance, renting may seem more affordable, but it doesn't build equity or offer long-term security. Mortgage payments can be competitive with rent, especially in areas where rental costs are high. Ownership is also a way to invest in the future for many people.

Get in touch with our friendly and knowledgeable team for more information.