5 Mortgage Myths You Probably Still Believe

Myth 1: You need a 20% deposit.

Reality: Not true. Many lenders accept deposits as low as 5%, depending on your circumstances.

Myth 2: You definitely need a perfect credit score.

Reality: Lenders consider multiple factors, not just your credit score. A perfect score is not mandatory.

Myth 3: The lowest interest rate is always the best mortgage deal.

Reality: Fees, flexibility, and terms are just as important as the interest rate when evaluating a mortgage.

Myth 4: Self-employed individuals absolutely cannot get a mortgage.

Reality: With the right documentation, self-employed individuals can secure a mortgage.

Myth 5: Once rejected, there’s no way to get a mortgage.

Reality: Different lenders have different criteria. There are always options, so rejection by one lender doesn’t mean it’s over.

Tip: Speak to a mortgage advisor or contact WIS on 0203LE1986 for guidance tailored to your situation.