MYTH: When applying for a mortgage you will be punished for your spending patternsīUSTED: While your statements will be reviewed when applying for a mortgage you will not be punished for the odd splurge.

First-time buyers are eligible for mortgages up to 90% of the value of the home meaning that they need to save or otherwise find a 10% deposit. Once you’re able to provide the necessary documentation you’re as likely to be approved as any other applicant.īUSTED: While this myth isn’t as common as it used to be it is worth reiterating that, in some cases, mortgage repayments are less than the rent that would have to be paid if the property was rented.īUSTED: This is not true in all cases. MYTH: It’s impossible to get a mortgage if you’re self-employedīUSTED: Being self-employed will not exclude you from buying your own home. MYTH: Having transactions to gambling websites will exclude you from being eligible for a mortgage.īUSTED: If your account shows a consistent history of transactions to betting sites this may well raise red flags with mortgage lenders but the odd harmless flutter on the Grand National or the Eurovision result won’t be held against you. MYTH: You have to be an existing customer of a bank in order to get approved for a mortgageīUSTED: Mortgage applications are assessed on a case by case basis and being an existing customer of a mortgage provider will not make you any more or less likely to receive mortgage approval.Įxisting customers do not receive more favourable mortgage agreements either, so that’s two myths busted for the price of one. To help clear up any confusion over mortgages we’ve debunked some of the most common mortgage myths.

Gambling bank statement mortgage