You might be surprised.
Getting onto the property ladder isn’t easy. House prices are high, household budgets are stretched and interest rates are relatively high compared to the past 15 years.
But there are more mortgage options available than you might realise – over 8,000 at the last count, according to Moneyfacts – and some of the things you’ve heard about getting a mortgage might not be true.
So, don’t give up hope of owning your own home until you’ve read about these 10 common mortgage myths.
- You need at least a 10% deposit
A 10% deposit is a good starting point, but it’s not essential.
Many lenders offer mortgages with a 5% deposit, including Nationwide, winner of Best First-Time Buyer Mortgage Lender at the Your Mortgage Awards 2025/26.
For example, if you’re buying a £200,000 property, a 5% deposit means saving £10,000 rather than £20,000.
Some lenders even offer mortgages with smaller deposits, subject to certain criteria.
A bigger deposit generally means more competitive deals, but don’t assume you need 10% before you can start looking.
- You can’t get a mortgage if you’re self-employed
Don’t panic if you work for yourself. You can definitely get a mortgage, although proving your income can be more complicated.
Lenders usually want to see tax calculations or business accounts, but how they assess your earnings varies. For example, some lenders will consider company directors’ retained profits as well as salary and dividends.
Accord Mortgages, which won Best Self-Employed Mortgage Lender at the Your Mortgage Awards 2025/26, is one of the lenders operating in this market and it offers mortgages to those on fixed-term, day-rate and even zero-hours contracts, for example.
- A credit blip means you won’t get a mortgage
Credit problems are more common than you might think. Pepper Money, winner of the Best Credit Repair Mortgage Lender at the Your Mortgage Awards, found in its Specialist Lending Study that 30% of UK adults have experienced adverse credit at some point in their lives.
Missed payments and defaults can make getting a mortgage harder, but they don’t necessarily rule you out. Lenders will consider the severity of the problem, when it happened and whether your finances have improved.
If a mainstream lender won’t offer you a mortgage, there are specialist lenders that are experienced in helping borrowers whose credit histories aren’t perfect.
- You can only borrow four times your income
There’s no single income multiple that applies to every mortgage.
While four or four-and-a-half times income is often used as a rough guide, some lenders will consider higher multiples for eligible borrowers, even up to six times income in some cases.
How much you can borrow also depends on your outgoings, debts, deposit and household circumstances. Two people earning the same salary could therefore be offered very different mortgage amounts.
- You can’t get a mortgage if you receive benefits
Receiving benefits doesn’t automatically mean you can’t get a mortgage.
Some lenders count benefits such as Universal Credit, Child Benefit or Attendance Allowance towards your income. However, which benefits they accept, and how much they’ll count, varies between lenders.
Your eligibility will also depend on your other income and affordability.
- You need to find a property before speaking to a mortgage broker
Don’t wait until you’ve found your dream home to get mortgage advice.
A broker can help you understand how much you could borrow, what your repayments might be and which lenders could consider your application.
That means you can start house-hunting with a realistic budget and avoid wasting time looking at properties you can’t afford.
- A mortgage in principle guarantees you’ll get a mortgage
A mortgage in principle, also called a decision or agreement in principle (DIP or AIP), indicates how much a lender might be prepared to lend you.
It’s useful when house-hunting and shows estate agents you’re a serious buyer, but it isn’t a guaranteed mortgage offer.
The lender will still need to verify your income, assess the property and carry out further checks before making a formal offer.
- Your own bank will give you the best mortgage deal
Your bank might offer a competitive mortgage, but there’s no guarantee it’ll be the best deal.
Shopping around or speaking to a mortgage broker could uncover better options, including deals unavailable directly to customers. A broker can also help you find a mortgage suited to your finances and circumstances.
- The mortgage with the lowest rate is always the cheapest
The lowest interest rate doesn’t necessarily mean the cheapest mortgage.
Some deals offer lower rates but charge higher arrangement fees. For example, paying £1,999 for a lower rate might make sense on a large mortgage but work out more expensive on a smaller loan.
Compare the total interest and fees over the initial deal period. A broker can do this for you, or you can look for the ‘total cost’ when comparing mortgages yourself.
- The only way your family can help is by giving you deposit money
A gifted deposit isn’t the only way relatives can help you buy.
Joint borrower sole proprietor (JBSP) mortgages allow a family member’s income to support your application without them owning the property.
Family offset mortgages use relatives’ savings to reduce the interest charged, while other arrangements allow savings or property to be used as security.
These options can help with affordability or deposit requirements, although family members must understand the financial risks involved.
Don’t rule yourself out
Getting a mortgage isn’t guaranteed, but if you’ve ruled yourself out because of your deposit, income or circumstances, it could be worth taking another look.
