Common First-Time Buyer Mortgage Myths Busted
Think You Can’t Afford to Buy a Home? Think Again.
If you’ve been putting off buying your first home in Hull or East Yorkshire because you think it’s out of reach — it might be time to take another look.
Recent changes in the mortgage market have made it easier than many people realise to take that first step onto the property ladder.
According to new research from mortgage brokers Alexander Hall, many first-time buyers (FTBs) still believe they don’t have enough savings, income, or employment stability to secure a mortgage. But the reality is quite different.
Myth 1: “My Deposit Isn’t Big Enough”
Over half of aspiring buyers surveyed thought they needed at least a 10% deposit to buy a home.
In fact, there are now mortgage deals available with just a 5% deposit, and the number of 5% mortgages on the market is at a 17-year high.
That means whether you’re saving for your first apartment in Hull city centre or a starter home in Beverley, Cottingham or Kingswood, your deposit could stretch further than you think.
Myth 2: “I Don’t Earn Enough to Get a Mortgage”
A third of respondents believed lenders only offer up to three times your income — but that’s no longer the case.
Most banks now lend 4.75 to 5 times income, with the current average at 4.08 times for first-time buyers.
This shift means more people across East Yorkshire can access the funding they need to buy their first home.
Myth 3: “I Can’t Get a Mortgage Because I’m Self-Employed”
It’s true that self-employed buyers used to find it difficult to prove their income. But the process has improved dramatically.
While many people still believe you need three years of accounts, plenty of lenders now accept one or two years of certified records — opening up homeownership to more freelancers and small business owners across the region.
Why Now Could Be the Right Time
For years, getting onto the property ladder has felt like an uphill climb. But as interest rates ease and lenders become more flexible, opportunities are opening up again.
If you checked your affordability a year or two ago and didn’t quite make the cut — it could be worth revisiting the numbers now.
At Beercocks, we help first-time buyers in Hull and East Yorkshire make informed decisions about their move. From explaining mortgage options to helping you find a home that fits your lifestyle and budget, our team is here to guide you every step of the way.
Ready to Get Started?
If you’re hoping to buy your first home this year, get in touch with your local Beercocks branch for advice and guidance on the Hull and East Yorkshire property market.
Or, if you know someone thinking about buying, share this article with them — it could be the nudge they need to make their best move yet.
The information in this article does not constitute financial advice. Always speak to a qualified mortgage adviser before making financial decisions.
Make sure you follow Beercocks on Instagram, TikTok and Facebook for regular content, providing the latest information for homebuyers and sellers in the Hull, Beverley, and North East Lincolnshire areas.
