Buying a home is stressful enough without all the half-truths and outdated advice floating around. Let’s clear up some of the most common misconceptions and explore what is actually realistic.
Misconception No.1
The myth: You need a 20% deposit
The reality: While a larger deposit generally means a better mortgage rate, it isn’t a requirement. Many lenders offer mortgages with deposits as low as 5% or 10%, especially for first time buyers. Government initiatives like the First Homes Schemes and Lifetime ISAs can help top up what you’ve saved already.
Misconception No.2
The myth: You need a perfect credit score
The reality: Lenders look at the bigger picture, not just your credit score. A minor blemish won’t necessarily stop you from getting approved. In fact, some lenders specialise in mortgages for people with imperfect credit histories, particularly if your finances have been stable recently.
Misconception No.3
The myth: The asking price is the final price
The reality: The asking price is only the seller’s starting figure. In slower markets, if a property has been sitting for a while without much interest, there’s often room to negotiate. However, in more competitive areas, bidding wars can push the price far over the asking price – but it’s never a fixed rule.
Misconception No.4
The myth: An accepted offer means the home is yours
The reality: Until contracts are exchanged, nothing is legally binding. Sellers can still take a higher bid, and buyers can still walk away. The deal only becomes official once the paperwork is signed.
Misconception No.5
The myth: Surveys are unnecessary if the house looks fine
The reality: Some serious issues like damp, subsidence, or structural issues are often missed upon first glance. A homebuyer’s report or full structural survey can uncover costly repairs and even give you leverage to renegotiate the price.
Bottom line: Buying a home in the UK comes with plenty of misconceptions, but knowing the facts can save you money, stress, and unpleasant surprises down the line.
