I have been helping first time buyers in Lincoln buy their first home for over 17 years, and in that time, I have heard many ‘mortgage myths’ and these are some of the most common.
Myth Number 1
‘I’m a first time buyer – do I really need a 25% deposit to buy my first home?’
Certainly not, we have many quality high street lenders who will offer a mortgage with a 5% deposit, and the majority of our first time buyers use a 10% deposit when buying their first home
Myth Number 2
‘I’m a self-employed first time buyer and I’ve been told that it’s difficult for me to get a good mortgage’.
That’s not correct. 25% of our clients are self-employed or company directors and we ensure that you get just as good a mortgage as someone who is employed. It’s simply a question on understanding the different ways that lenders assess the income for sole traders, company directors, those on the CIS voucher scheme and all the other variations of being self-employed.
Myth Number 3
‘I have poor credit and so I’ve been told that I can’t get a mortgage’.
Not always the case. There are a number of well known high street lenders who take a reasonable view on small defaults and ‘untidy’ credit. In any case, we are always ready to advise you on how you deal with these issues to ensure that you can get your first mortgage and buy your first home.
If you need help with these, or any other ‘Mortgage Myths’ then please call us for a chat.