Buying your first home can feel exciting, but it can also raise plenty of questions. From deposit requirements to credit scores, first-time buyers are often met with conflicting advice about how the home buying process really works.
At Just Mortgages, our advisers speak to first-time buyers across the UK every day, helping them understand their mortgage options, affordability, and what’s realistic for their circumstances. Clearing up common myths is often one of the first steps in helping buyers feel more confident as they begin their property journey.
Below, we explore some of the most common first-time buyer myths that continue to cause confusion in today’s property market.
Myth 1: You Need a 20 Percent Deposit to Buy Your First Home
One of the most common first-time buyer myths is that you must have a 20 percent deposit saved before you can buy a property.
While a larger deposit can improve mortgage options, many first-time buyer mortgages are available with smaller deposits. Deposit requirements vary depending on the lender, the mortgage product, and individual circumstances.
Understanding how much deposit you may need is often more achievable once you’ve explored your options rather than relying on outdated assumptions.
Myth 2: You Need a Perfect Credit Score to Get a Mortgage
Many first-time buyers worry that a less-than-perfect credit score means they won’t be able to get a mortgage.
In reality, mortgage lenders look at a range of factors, including income, affordability, and how finances are managed over time. Minor credit issues, especially those from several years ago, may not carry as much weight as people expect.
This myth can stop buyers from even researching first-time buyer mortgage options, when support and guidance could help clarify what’s possible.
Myth 3: You Should Borrow the Maximum Amount You’re Offered
Some first-time buyers believe that borrowing the maximum amount available is the best way to get on the property ladder.
However, mortgage affordability is about more than monthly repayments. Ongoing costs such as energy bills, council tax, commuting, and future lifestyle changes all play an important role in deciding what feels comfortable long term.
Choosing a property that fits within a realistic budget can often provide greater financial stability and peace of mind.
Myth 4: Renting Means You’re Not Making Progress
There’s a common misconception that renting before buying a home means you’re falling behind.
For many first-time buyers, renting can be a practical step while saving for a deposit, improving credit history, or deciding where they want to live. Everyone’s route into homeownership is different, and there is no single timeline that works for everyone.
Comparing progress with others can create unnecessary pressure during the home buying process.
Myth 5: Buying Your First Home Is Always Complicated and Stressful
The idea that buying a home is always long and overwhelming puts many first-time buyers off starting their journey.
While the process does involve several stages, understanding how buying a home works and what to expect at each step can make it feel far more manageable. Having the right information early on often helps reduce stress and uncertainty.
Knowing where you are in the process can make a significant difference to confidence levels.
Myth 6: Your First Home Has to Be Perfect
First-time buyers often feel pressure to find the “perfect” home and worry about making the wrong decision.
In reality, a first home is often a stepping stone rather than a forever home. Needs and priorities change over time, and many buyers move more than once as their circumstances evolve.
Letting go of the idea of perfection can make the goal of homeownership feel far more achievable.
Final Thoughts
First-time buyer myths continue to circulate, but many are based on outdated information or misunderstandings about the mortgage and home buying process. Challenging these assumptions can help buyers feel more informed, confident, and prepared to take their next step.
A Just Mortgages adviser can help first-time buyers understand their mortgage options, affordability, and what buying a home could look like for their individual circumstances. Having clear guidance and accurate information can make navigating the property market feel far less daunting and far more achievable.
To find out more, get in touch with your local adviser today: https://justmortgages.co.uk/contact-just-mortgages/
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