There are a lot of myths surrounding mortgages. Rumours of your high street bank giving preferential rates, and your credit score being the key factor that decides whether you are eligible to buy your new home.
While there is some truth to a few of the myths, many of them have no substance. The harm in this is that it causes people to make mortgage mistakes. If you make these mistakes, then you could be opening yourself to high interest rates, early repayment charges, or, in the worst instances, becoming ‘unmortgageable’.
Here are the common mistakes that we see homebuyers make when applying for a mortgage, and how you can avoid them.
Mortgage Mistake 1: Sticking with Your Bank
It’s easy to grow a sense of loyalty to your bank, especially if you’ve held the same account since you were a kid. While there is nothing wrong with customer loyalty, you shouldn’t let it blind your decisions when applying for a mortgage.
Some lenders (many of which aren’t on the high street) offer competitive rates and special offers. For example, some might offer first-time buyers a zero-deposit product that incurs little to no upfront costs. Others will be generous with their interest rates.
To get the best option available to you, make sure you shop around or use a mortgage broker who will do the shopping for you.

Mortgage Mistake 2: Taking on Debt
It’s not uncommon for people to become so blinded by the excitement of becoming a homeowner that they try and fast-track the process. Often, they’ll do this by taking on more debt-like credit cards-to improve their credit score. Doing this can affect your mortgage affordability,
One of the main things a lender looks at before lending money to you is how much debt you currently have. Credit cards fall under this, and if you owe money to other companies, then this can affect your mortgage eligibility.
Mortgage Mistake 3: Making Avoidable Big Life Changes
If you want to apply for a mortgage in the near future, then avoid any drastic changes to your lifestyle. This includes things like moving jobs, reducing your hours at work, taking out additional credit (like a new car on finance), co-signing loans and large purchases.
Try to keep your income and expenditure regular and predictable so that no red flags are raised when a lender checks your bank statements.
Mortgage Mistake 4: Not Checking Your Credit Score
It’s not common knowledge, but your credit score isn’t the be-all and end-all when it comes to getting a mortgage. However, it does have an impact, so it’s wise to keep your eye on it and make sure that you repay loans on time.
Keeping an eye on your credit score in the months leading up to applying for your mortgage will go a long way in getting you better rates. However, if you are worried about your credit score, then use a mortgage broker, we have ways around bad credit.

Mortgage Mistake 5: Skipping Expert Advice
Mortgage brokers exist to help you. It’s our duty to get you affordable rates on the home of your dreams. This is why we work tirelessly, scanning an endless sea of lenders to find the one that is right for you. Many of these lenders can’t be accessed without going through a broker.
The biggest mistake people make is applying for a mortgage without seeking professional help. Ultimately, a consultation with us takes no more than an hour of your time, but it could mean that you can borrow more while paying less.
Avoid Big Mistakes Today
Let us help you to avoid mortgage mistakes when searching for the funds to buy your dream home. On a free consultation, we’ll help you to understand how much you can borrow, and what your interest repayments are likely to be.
Book your free consultation today by clicking here.
