First Time Buyers: Myths vs Reality
Washington & Sunderland Mortgage Advice
If you’re a first-time buyer, you’ve probably heard plenty of advice - from friends, family, social media and even Google.
The problem however is that a lot of it simply isn’t true.
At Fairway Mortgage Advice, we regularly speak to first-time buyers across Washington and Sunderland who are delaying buying because of common myths. So let’s separate myth from reality!
Myth 1: You Need a 20% Deposit
Reality: Most lenders allow first-time buyers to purchase with as little as 5% deposit.
While a larger deposit can give access to better interest rates, you absolutely do not need 20%. In areas like Washington and Sunderland, where property prices can be more affordable than the national average, a 5–10% deposit can go further than you might think.
Myth 2: You Need a Perfect Credit Score
Reality: There is no such thing as a “pass or fail” credit score.
Different lenders have different criteria. We regularly help first-time buyers who have:
Missed payments
Historic defaults
Low credit scores
It’s about finding the right lender, not having a flawless financial history.
Myth 3: Renting Is Cheaper Than Buying
Reality: In many cases, monthly mortgage payments can be similar to, or sometimes lower than, local rent!
Of course, this depends on deposit size, interest rates and personal circumstances. But many first-time buyers are surprised when they compare figures properly.
Myth 4: You Should Wait for the “Perfect Time” to Buy
Reality: Trying to perfectly time the property market rarely works.
Interest rates change, house prices move, circumstances evolve.
The right time is usually when:
You’re financially stable
You have a deposit
The monthly payments are affordable
Myth 5: Getting a Mortgage Is Complicated and Stressful
Reality: It can feel overwhelming, but with the right guidance it doesn’t have to be!
Having:
An Agreement in Principle
A clear borrowing amount
The right advisor
Makes the process much smoother. This is especially important in competitive parts of Sunderland and Washington.
So, what’s the truth?
Every first-time buyer situation is different. Two buyers earning the same salary could have very different mortgage options depending on:
Credit profile
Deposit
Commitments
Employment type
That’s why personalised advice makes a difference!! If you’re buying your first home and want clarity, not myths, we’re here to help.
At Fairway Mortgage Advice, we support first-time buyers across Washington, Sunderland and the whole of the UK, including complex and credit-challenged cases.
👉🏻 Get in touch today to get started. 🫶🏻🏠
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We are a whole of market broker. Contact us today to discuss your options!
📳07442869863
📞0191 466 1304
📩info@fairwaymortgageadvice.co.uk
🖥️www.fairwaymortgageadvice.co.uk
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Your home may be repossessed if you do not keep up with the repayments on your mortgage. Not all buy to let mortgages are regulated by the financial conduct authority. You may have to pay an early repayment charge to your existing lender if you remortgage.