With so many decisions involved in the mortgage process, it’s no surprise that many first-time buyers feel overwhelmed. There can be a lot of pressure put on first-time buyers because getting a mortgage is essential for getting their own home. However, there are some common mortgage myths that make first-time buyers anxious about the mortgage process and disproving them can make the mortgage process much less intimidating.
I don’t have a large enough deposit
One of the most common concerns when securing a mortgage is the deposit. It seems logical to pay as much as you can upfront because it will help reduce your monthly repayments and overall interest. However, if you don’t have a large enough deposit, your chances of obtaining a mortgage will not be affected. There are mortgages available that only require a 5% deposit.
I don’t earn enough
There are a variety of different mortgages that are available and what may be true for some people’s financial circumstances might not apply to you. If your situation is rather difficult, there are specialist mortgages that are accessible to help you.
A high credit rating is essential
People usually seem to be apprehensive about their credit rating but there is nothing to fear. It is important to remember that you don’t need a perfect credit rating to qualify for a mortgage.
Everything is too expensive
One of the most significant mortgage myths is the matter of expense. If you are concerned about your financial circumstances, speak to a mortgage adviser. They are there to ensure you are acting within your financial means. You should note down all possible fees like solicitors, removals and stamp duty. Additionally, the Money Advice Service has some excellent tips on their website.
I have no knowledge about houses
Throughout the mortgage process, there are people with the relevant knowledge in their respective fields to help you. For example, your mortgage lender will conduct a survey of the house you want to buy. This will be a detailed inspection that is essential when securing a mortgage.