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5 Common Myths About Buying A Home You Should Ignore

MORTGAGES | 25.05.2021

Buying your first-home is an incredibly exciting time. But it’s really easy to fall into the trap of believing the misinformation that’s out there, making you question whether or not you’re making the right decision. To help you find your dream home without any hiccups, we’ve gathered some of the most common myths about buying a home that you can go ahead and ignore. 

1. It’s cheaper to rent than buy

  Buying a home is one of the biggest financial decisions you’ll make, so it’s understandable that you’d be tempted to continue renting when everyone around you is telling you it’s cheaper. The cost of rent really depends on the area you live in, with some city-centre apartments charging over £1000 a month, and that’s without factoring in any bills and monthly outgoings. However, many landlords offer a reasonable rent that will leave you with enough money to enjoy a busy social life.    But when you become a homeowner, you don’t have to worry about sudden rent increases or saving for a mortgage whilst paying rent. You can decorate your space however you see fit and put the money you would have sent to your landlord towards home improvements that will help increase your property’s value.   

2. You need to save for a 20% deposit

  Whilst saving for a bigger deposit will give you access to more mortgages with better interest rates, there are options available on the market which allow you to put down a deposit of as little as 5%. The 95% mortgage government scheme is perfect for first-time buyers, helping you take your first step on the property ladder and finally hand the keys back to your landlord.  

3. You don’t need to find a real estate agent 

  Though there are lots of hidden costs when it comes to buying your first home, registering with an estate agent definitely isn’t one. It’s completely free to use a real estate agent as it’s the seller who pays their commission from the proceeds of the sale. A good estate agent will have extensive knowledge of the area you’re planning on moving to, will help you find a home that suits your needs and budget, and negotiate on your behalf.   

4. You need a perfect credit score to get a mortgage

  It’s near impossible for most people to be entirely debt-free. Whether it’s a student loan or a buy now pay later scheme you’re concerned about, we can guide you through the mortgage application process and give you a good indication as to how your credit score will appear to mortgage lenders. As long as you pay your bills on time and aren’t living beyond your means, getting a mortgage should be relatively easy.    

5. Now is not the time to buy

  The housing market is often unpredictable and there’s really no telling which way it will go. Whilst you hang fire in the hope that the property market will improve, somebody else could snap up your dream home... and you’ll be left still paying rent and watching the market fluctuate. Ultimately, the best time to buy is when you feel ready on both a personal and financial level.    At TaylorMade Finance, we can help first-time buyers find their dream home by identifying the best mortgage deals on the market. We take the time to explain each step of the mortgage application process without any jargon to ensure you have a good understanding before making any big decisions. Get in touch with one of our friendly mortgage advisers here or call 0345 305 2540 for more advice. 
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