“I’m too old to get a mortgage.” “It’s hard to get a mortgage when self-employed.” These are just two examples of the mortgage myths we hear on a daily basis which simply aren’t true.
We’re dispelling the top four ‘mortgage myths’ so that nothing stands in the way of your homeownership dreams.
Myth 1: “I’m self-employed so it will be incredibly difficult to get a mortgage”.
If you are self-employed, you do have to go through more stringent testing, but we are finding that more and more lenders are now offering mortgages to self-employed people. We work with over 90 lenders and your dedicated mortgage adviser will be able to talk you through the process.
Myth 2: “I’m on benefits so I can’t get a mortgage”
Many lenders will accept applications from people who are in receipt of state benefits. If you have other streams of income from a job or pension, or have assets such as another property to use as security, then even better. If you can prove that you can afford to keep up with your loan repayments on time and in full, being on benefits shouldn’t stop you from getting a mortgage.
Myth 3: “I'm too old to get a mortgage”.
People often believe they are too old to get a mortgage, when in fact some lenders will go to 80+ years of age, as long the income is sustainable. Plus, later life mortgages and equity release are alternative avenues to explore for older borrowers.
Myth 4: “My ex has agreed to pay the bills and mortgage so I am no longer responsible for them”.
As these financial commitments are joint responsibilities, both parties are still liable for the debts. Your credit score can be affected if they aren't kept up-to-date. You must ensure you take the appropriate financial steps to remove yourself from a previous partner’s property and debts. If you are unsure how, feel free to contact one of our advisers.