{"id":12637,"date":"2025-10-06T13:25:09","date_gmt":"2025-10-06T12:25:09","guid":{"rendered":"https:\/\/www.craneandco.co.uk\/pages\/?p=12637"},"modified":"2025-10-06T13:25:09","modified_gmt":"2025-10-06T12:25:09","slug":"are-these-mortgage-myths-stopping-you-from-buying-a-home-in-hailsham-or-eastbourne","status":"publish","type":"post","link":"https:\/\/www.craneandco.co.uk\/pages\/are-these-mortgage-myths-stopping-you-from-buying-a-home-in-hailsham-or-eastbourne\/","title":{"rendered":"Are These Mortgage Myths Stopping You from Buying a Home in Hailsham or Eastbourne?"},"content":{"rendered":"

Think you can\u2019t afford to get on the property ladder? Well, think again. Thanks to changes in the mortgage market, the reality may be very different.<\/strong><\/span><\/h3>\n

Many aspiring first-time buyers (FTBs) have the wrong idea when it comes to mortgages, new research has found.<\/p>\n

A study by mortgage brokers Alexander Hall says many would-be FTBs don\u2019t realise just how much the mortgage landscape has improved in the past 12 months.<\/p>\n

As a result, they mistakenly assume they\u2019re locked out of owning a home.<\/p>\n

The survey identified several common myths stopping people from achieving their dream of buying.<\/p>\n

My deposit isn\u2019t big enough<\/strong><\/span><\/h3>\n

The study found that 53% of aspiring buyers thought they needed a deposit of at least 10% to get a mortgage, while 14% were unsure of the rules.<\/p>\n

In fact, it\u2019s possible to get a mortgage deal with a 5% deposit.<\/p>\n

And, due to a recent easing of lending rules, the number of 5% deposit mortgages on the market is at a 17-year peak.<\/p>\n

I don\u2019t earn enough<\/strong><\/span><\/h3>\n

The survey found that a third of people thought they could only borrow up to three times their income.<\/p>\n

However, a relaxation of loan-to-income requirements means that most banks lend at a ratio of 4.75 to 5 times income.<\/p>\n

Alexander Hall data says the average lending ratio for FTBs is currently 4.08 times income.<\/p>\n

I can\u2019t get a mortgage because I\u2019m self-employed<\/strong><\/span><\/h3>\n

For years, self-employed workers have complained that trying to get a mortgage when you don\u2019t have a permanent employer to vouch for your earnings is a real struggle.<\/p>\n

This explains why a third of survey respondents believed that you needed three years of financial accounts before you could apply for a mortgage.<\/p>\n

But things are changing. These days, many lenders require only one or two years of certified accounts.<\/p>\n

Do your homework<\/strong><\/span><\/h3>\n

For so long, we heard about how hard it was to get on the property ladder as an FTB (let\u2019s face it, it was hard).<\/p>\n

However, with interest rates on a downward trajectory and the mortgage market becoming more accessible, the landscape has shifted.<\/p>\n

If you did your sums a few years ago and found that your finances or work set-up weren\u2019t right for securing a mortgage, it\u2019s worth taking another look now.<\/p>\n

If you\u2019re hoping to take your first steps into the property market, get in touch with us today.<\/strong><\/span><\/h3>\n

Know someone who might find this article helpful, please share it with them.<\/strong><\/p>\n

*The information in this article does not constitute financial advice. <\/strong><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Think you can\u2019t afford to get on the property ladder? Well, think again. Thanks to changes in the mortgage market, the reality may be very different. Many aspiring first-time buyers (FTBs) have the wrong idea when it comes to mortgages, new research has found. A study by mortgage brokers Alexander Hall says many would-be FTBs […]<\/p>\n","protected":false},"author":3,"featured_media":12638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_themeisle_gutenberg_block_has_review":false,"footnotes":""},"categories":[1,3],"tags":[23,25],"class_list":["post-12637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-moving-home-advice-and-guidance","category-personal-advice-from-our-team","tag-first-time-buyer","tag-jerry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/posts\/12637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/comments?post=12637"}],"version-history":[{"count":1,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/posts\/12637\/revisions"}],"predecessor-version":[{"id":12639,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/posts\/12637\/revisions\/12639"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/media\/12638"}],"wp:attachment":[{"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/media?parent=12637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/categories?post=12637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/tags?post=12637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}