Top Mortgage Questions UK Clients Ask-And the Myths You Shouldn’t Believe
As Independent Financial Advisers in the UK, one of the most frequently asked questions we receive is about mortgages.
Whether you’re a first-time buyer, remortgaging, or moving home, mortgages can be confusing, and unfortunately, there’s a lot of misinformation out there.
In this blog, we will break down the most common mortgage questions that clients ask and clear up a few of the myths while we are at it.
1. How much can I borrow?
This is usually the first question on everyone’s mind-and rightly so. The amount you can borrow depends on several factors, including:
- Your income (and your partner’s, if applying jointly)
- Your credit score
- Existing financial commitments (loans, childcare, credit cards)
- Your deposit amount
Myth: “It’s always 4.5 times your salary.”
Truth: While 4.5x salary is a common starting point, some lenders offer up to 5 or even 5.5 times income in certain circumstances, especially for professionals with stable earnings.
Lending is also based on your current lifestyle spending.
Use this simple-to-use affordability calculator from Nationwide.
2. Top Mortgage Questions UK Clients Ask: Do I need a 20% deposit?
Myth: “You need at least 20% to get a mortgage.”
Truth: Not necessarily. While a 20% deposit can help you access better interest rates, there are mortgage options available with as little as 5% deposit, especially for first-time buyers and with government-backed schemes like Help to Buy (in the past) or Shared Ownership.
Some lenders offer a £5000 deposit scheme, and 100% mortgages are starting to make a comeback.
That said, a bigger deposit usually means better rates, so it’s still wise to save more if you can.
3. What’s the difference between fixed and variable rates?
A fixed-rate mortgage locks in your interest rate for a set period (usually 2, 5, or even 10 years). Your monthly payments won’t change during this time.
A variable-rate mortgage (including tracker and standard variable rate deals) can go up or down depending on the Bank of England base rate or your lender’s discretion.
Which is better? It depends on your circumstances. Fixed rates offer stability, while variable rates may offer lower initial costs but come with more risk.
4. Can I get a mortgage if I’m self-employed?
Myth: “Self-employed people can’t get mortgages.”
Truth: You can, but it may require additional paperwork. Most lenders will want to see:
- At least 2 years of accounts or tax returns
- Proof of consistent income
- A healthy deposit
As an adviser, we can recommend lenders that are more flexible with self-employed applicants, contractors, or freelancers.
5. Top Mortgage Questions UK Clients Ask: Should I Go Directly to My Bank or Use a Broker?
Many people go straight to their bank because it feels familiar; however, this can limit their options.
Banks only offer their own products, whereas an independent adviser or whole-of-market mortgage broker can access deals from hundreds of lenders.
You may find better rates, lower fees, or more flexible lending criteria by going through an independent source.
6. What fees should I expect?
Aside from your deposit, there are other costs to plan for:
- Valuation fees
- Solicitor’s fees
- Stamp duty (depending on the property price and your situation)
- Broker or adviser fees
- Arrangement fees from the lender
We always ensure clients have a full picture of costs upfront — no hidden surprises.
Final Thoughts
Mortgages are one of the most significant financial commitments you’ll ever make, and naturally, there are a lot of questions.
The key is to get clear, personalised advice and avoid falling for common myths.
Whether you’re buying your first home, remortgaging for a better deal, or navigating a complex income situation, we are here to help you cut through the jargon and find the right solution.
Need help with your mortgage options? Get in touch for clear, independent advice tailored to you.
