Mortgage Myths That Stop People From Buying (and the Truth Behind Them)
Buying a home is one of the biggest steps in life, but too often people hold back because of misunderstandings about mortgages.
At Dream Casa Mortgage Consultancy, we see the same myths come up again and again — and sadly, many of them stop clients from moving forward with confidence.
Here are some of the most common mortgage myths and the real truth behind them.
Myth 1: “You need a huge deposit to buy a home.”
The truth: Many people believe you need at least 20% or more as a deposit, but this isn’t the case. Some lenders accept as little as 5% deposit, especially for first-time buyers. The right deposit size depends on your circumstances, but don’t assume homeownership is out of reach if you haven’t saved a fortune.
Myth 2: “Foreign nationals can’t get mortgages in the UK.”
The truth: While it can be more complex, it is absolutely possible. Many lenders welcome foreign nationals and skilled professionals, though the process may involve extra checks, paperwork, and sometimes larger deposits. At Dream Casa, we specialise in guiding international clients through these steps.
Myth 3: “If I’ve had some credit issues, I’ll never get a mortgage.”
The truth: Past credit difficulties don’t automatically disqualify you. Different lenders have different criteria — some are stricter, others more flexible. Even if you’ve had missed payments or defaults, there may be solutions available. Speaking with an adviser can open doors you didn’t realise were there.
Myth 4: “It’s better to wait until rates go down.”
The truth: Trying to “time the market” rarely works. Interest rates rise and fall, and while we’re currently seeing fluctuations, waiting can mean missing opportunities — especially if house prices rise in the meantime. The right mortgage today might save you money compared to delaying.
Myth 5: “Protection isn’t necessary once I have a mortgage.”
The truth: Your mortgage may get you the keys, but protection keeps you in your home. Life insurance, critical illness cover, and income protection ensure that if something unexpected happens, your family won’t face the burden of losing their home. A mortgage without protection leaves a big risk uncovered.
Myth 6: “The process is too complicated — I’ll never understand it.”
The truth: Yes, mortgages involve paperwork, lenders, solicitors, and lots of steps — but that doesn’t mean you have to go through it alone. Our role is to make the process clear, simple, and stress-free, explaining everything in plain language so you always know what’s happening.
Final Thoughts
Don’t let myths stop you from achieving your dream of homeownership. The truth is that with the right guidance, many of the barriers people believe in are much easier to overcome than they think.
At Dream Casa Mortgage Consultancy, we specialise in helping foreign nationals and international professionals in the UK not only secure their mortgage but also protect their future.
Want to find out what’s really possible for you? Book a chat with our team today.