Read these myth busters about mortgaging in London and the UK

Read these myth busters about mortgaging in London and the UK

Do mortgages have myths tied to them? If so, what are these myths? And what do they mean to you? It might come as a surprise, but prospective property owners are faced with very real concerns when it comes to getting a mortgage. In this article, we explain how some misconceptions when it comes to a mortgage can be dispelled without worry. Let’s begin with our first myth buster.

Can I afford a mortgage with a variable income?

It’s the general perception that only permanently employed staff can apply for a mortgage. The fact however is, while a steady income ensures an easier way to pay off a mortgage, it isn’t an absolute qualifier to get one approved.  In today’s employment sphere, varied income makes up for a significant portion of how employees earn their living.

According to, entrepreneurship has seen continued growth from the year 2000 onwards. And then as we know, the pandemic created unprecedented instability in the economy which of course affected the self-employment sector as well. But in 2022, self-employment has been on the rise and currently is around 4.2M businesses. With these stats we see the obvious, that business owners are obtaining mortgages at some stage or other to accomplish their property purchase goals while focusing on their enterprise expansion as well. Regular nine-to-five jobs are seeing a transformation with many opting to work on their own and running their own businesses. With substantial income, these borrowers have the income capacity to easily make repayments on a mortgage.

Mortgage is a long-term affair, do I benefit from it?

Although this may seem like it has a straightforward answer to it, borrowers may actually have this as a worry and wonder if it is really worth the money and the wait. 

As we know getting a house on a mortgage is a commitment and usually takes a long period to finish paying it off before finally owning the property. While this may seem like a never-ending payment obligation (particularly if the mortgage repayment term is a long one), at the end of successfully completing all the payments during its term, the house will belong to you.

And looking back, you stand to benefit in the long run. To maximize the efficacy of your mortgage, you could also try remortgaging your property, changing the repayment time period by extending or shortening it, and trying to overpay your monthly installment when you have extra income are some ways you can gain from your investment.

By speaking to an experienced mortgage advisor. Our advisors at BVS will gladly direct you to better deals that can bring you even more benefits from a long-term mortgage. We gladly dispel this myth that it might not be worth the long wait. Mortgaging is after all a form of investment that you stand to benefit from even if the wait is a long one.

I have a low credit score. Can I get a mortgage?

Having a low credit score and trying to get a mortgage that’s high in value is difficult. The main concern is, of course, the assurance that the borrower will be able to pay it back. Still, it does not mean that a low credit score will not allow you to get a mortgage.

Unlike the other two instances, having a low credit score has more downsides that are very real and can drastically reduce your chances of getting a mortgage approved. The credit score relies on your personal financial strength such as income, and savings. If you have faced difficult circumstances and are struggling with dwindling savings, in order to get your credit score heightened, it would best to begin early and soon as possible to put aside some money each month. By cutting down on expenses and saving up in your bank account, you will be able to gradually raise the level of your credit score.

Check with a mortgage firm in London and their broker as to what they think is a good credit score to be eligible to apply for the mortgage.


We hope this article brought light to those thinking that a mortgage was impossible considering some of their financial situations. But we clearly see the possibilities that can make your dream property a reality by eliminating some of these myths and making mortgaging work for you. Take your next step and get to know how mortgages work in the UK. Contact a reputed mortgaging firm and speak to an experienced broker. We wish you good luck.


Approved by the Openwork Partnership on 16th February 2023