Buying a home is one of life’s biggest milestones, but it also comes with plenty of advice, opinions, and unfortunately, myths. These misconceptions can create unnecessary stress or even stop buyers from taking the next step on the property ladder.
We’re here to set the record straight. Whether you’re purchasing your first home or moving into your forever one, here are some common home-buying myths in the UK, and the truths you need to know.
The asking price is the final price
Myth: If a property is listed at £350,000, you’ll need to offer that amount (or more) to buy it.
Truth: The asking price is simply the seller’s starting point. In some cases, there’s room for negotiation, especially if the property has been on the market for a while. Of course, in a competitive market, bidding wars can drive the price higher.
Research recently sold prices in the area on platforms like Rightmove to guide your offer.
You need a 20% deposit
Myth: You can’t buy a home unless you’ve saved at least 20% of the purchase price.
Truth: While a larger deposit can help you access better mortgage rates, it’s not essential. Mortgages with 5% or 10% deposits are widely available, especially for first-time buyers. Plus, government schemes such as First Homes and Lifetime ISAs can give your savings a boost.
A 10% deposit (£25,000 on a £250,000 home) is typical, but speaking to a mortgage broker can help you find the right deal for your circumstances.
You must have a perfect credit score
Myth: A small mistake on your credit history will stop you from getting a mortgage.
Truth: Lenders don’t just look at your credit score, they consider your overall financial picture. Even if your score isn’t perfect, many lenders specialise in helping buyers with less-than-ideal credit, particularly if you’ve shown recent financial stability.
Check your credit report with Experian, Equifax, or TransUnion before applying and try to fix any errors in advance. Working with a mortgage broker can also help you understand what you can afford and what lenders have the right products for you.
An accepted offer means the house is yours
Myth: Once your offer is accepted, the property is officially yours.
Truth: In England and Wales, a sale only becomes legally binding when contracts are exchanged. Until then, the seller could still accept another offer (known as gazumping), and you’re free to change your mind too.
Keep things moving by instructing your solicitor and mortgage lender quickly to reduce the risk of delays.
You don’t need a survey if the property looks fine
Myth: If a house looks in good condition during the viewing, a survey is just an unnecessary expense.
Truth: Many serious issues, such as damp, subsidence, or hidden structural problems, can go unnoticed without a professional survey. Investing in a homebuyer’s report or structural survey could save you from costly surprises later.
Think of a survey as an insurance policy. It’s a cost upfront, but it could save you thousands in repairs or give you grounds to renegotiate the price.
Interest rates are dropping, so it’s better to wait
Myth: It’s smarter to hold off buying until mortgage interest rates fall.
Truth: Interest rates naturally rise and fall, but waiting for the “perfect” rate could mean missing out on your dream home. Property prices may increase in the meantime, and there’s no guarantee rates will go down significantly. Instead of trying to time the market, focus on whether buying now fits your budget and long-term plans.
Concentrate on your debt-to-income ratio (DTI) and credit score, both can have a big impact on the mortgage deals available to you.
The bottom line: Don’t let myths put you off buying your dream home. With the right advice, research, and expert support, the process becomes far less daunting.
Our experienced team is here to guide you every step of the way, helping you make informed decisions with confidence. Get in touch with us to find out how we can support you.
