If you’ve ever tried to research mortgages online, you’ll know how overwhelming it can be. Between social media “experts”, outdated articles, and well-meaning advice from friends and family, it’s hard to know what’s actually true.

The reality is, the mortgage landscape has changed a lot in recent years, and what mattered five or even two years ago might not matter now. So, let’s clear up some of the biggest myths we still hear in 2025, and focus on what really counts when buying your next home.

You Don’t Always Need a Huge Deposit

The old “you need 20% down” advice doesn’t always apply anymore. Many lenders now offer products with smaller deposits - sometimes as little as 5% - especially for first-time buyers or those using government-backed schemes.

Shared ownership and first-time buyer programmes can also make stepping onto the ladder far more achievable than many think. A healthy credit history, consistent income, and sensible budgeting often matter more than the size of your deposit.

Changing Jobs Doesn’t Automatically Disqualify You

A common worry for buyers is that starting a new job means they’ll be rejected for a mortgage. That’s not necessarily the case. Lenders look for stability, not just length of employment.

If your career move improves your salary, job security, or aligns with your experience, many lenders view it positively. Even applicants who’ve only recently started a role can often be approved, as long as they can provide a signed contract or first payslip.

Fixing for Five Years Isn’t Always the Best Option

It’s easy to assume that a longer fixed rate automatically means security, but it’s not always the most cost-effective choice. Shorter fixes, tracker mortgages, or flexible deals can suit buyers who plan to move again soon or want to benefit from future rate changes.

The “right” term depends entirely on your situation, lifestyle plans, financial stability, and risk comfort all play a role. A mortgage isn’t one-size-fits-all, and good advice will always consider your personal goals.

Being Self-Employed Doesn’t Mean You Can’t Get a Mortgage

Many self-employed buyers still believe lenders see them as high-risk, but that’s outdated thinking. Modern underwriting has evolved to reflect today’s flexible workforce.

If you can demonstrate steady income through tax returns, accounts, or invoices, there are plenty of lenders willing to work with you. In fact, some even specialise in mortgages for freelancers, contractors, and small business owners. Consistency and clear documentation are what count most.

It’s Not Just About the Rate

A low interest rate looks attractive, but it’s not the only thing to consider. The best mortgage for you should balance affordability, flexibility, and long-term peace of mind.

Things like early repayment charges, customer service quality, and lender responsiveness can have just as much impact as the rate itself. Sometimes, paying a slightly higher rate for a lender that processes quickly or offers better terms is worth it.

Mortgages can be complicated, but understanding them shouldn’t be. By cutting through the noise and focusing on what truly matters - stability, preparation, and personal fit - buyers can make smarter decisions in 2025’s market.

Unsure what’s true when it comes to mortgages? Mayfords can help you separate fact from fiction, and find the right deal for your goals.