The mortgage market is surrounded by assumptions that circulate persistently, passed between friends, repeated at dinner tables, and treated as reliable fact despite being out of date or simply wrong.
In a spring market where buyers are making offers and homeowners are weighing up whether to remortgage, the cost of acting on a misconception is real.
Here are the myths worth leaving behind this April.
Myth one: You need a perfect credit score to get a mortgage
A strong credit history is helpful, but lenders do not require perfection. What they are looking for is evidence of responsible financial behaviour over time, consistent bill payments, manageable levels of debt, and no recent county court judgements or defaults. Plenty of borrowers with imperfect credit histories secure competitive mortgage deals every year.
The key is understanding where your credit file stands before you apply, addressing any errors or outdated information, and speaking to a broker who understands which lenders are well-suited to your specific profile. Assuming your credit history rules you out, without checking, is one of the most common and avoidable mistakes a prospective buyer can make.
Myth two: The bigger your deposit, the better your rate will always be
Deposit size does affect the rates available to you, and moving from a 5% to a 10% deposit opens up considerably more products at better rates. However, the relationship is not linear beyond a certain point.
The most significant rate improvements tend to occur at specific loan-to-value thresholds, typically at 90%, 85%, 75%, and 60%. Adding more to your deposit beyond these thresholds may deliver diminishing returns.
Understanding where you sit relative to these bands, rather than simply saving as much as possible before applying, can help you move at the right moment rather than waiting longer than necessary.
Myth three: You should always choose the lowest interest rate
The headline rate is important, but it is not the only number that matters. Mortgage products carry arrangement fees, which can range from nothing to several thousand pounds, and the true cost of a mortgage can only be understood by looking at the total amount repayable over the deal term, not the interest rate in isolation.
A low rate with a high fee can cost more overall than a slightly higher rate with no fee, particularly on smaller loan amounts. Always compare products on their total cost over the initial term rather than by rate alone and ask your broker to set this out clearly before you decide.
Myth four: Getting a mortgage in principle damages your credit score
This one deters people from taking a sensible preparatory step. A mortgage in principle typically involves a soft credit search rather than a full application, and soft searches do not affect your credit score or appear to other lenders.
Obtaining a mortgage in principle before you begin viewing properties is straightforwardly good practice in the current market, where sellers and estate agents place real weight on buyers being mortgage-ready. Do not let concern about a credit score impact prevent you from taking a step that strengthens your position.
Myth five: Your bank will offer you the best deal
Loyalty is a concept banks are happy to encourage but rarely reward in kind. Going directly to your existing bank limits your search to one lender's products, and there is no obligation on lenders to offer their best rates to existing customers.
A whole-of-market broker searches across dozens of lenders simultaneously, including products that are not available directly to the public, and can identify the most competitive option for your precise circumstances. In a market where rates are shifting regularly, that breadth of access matters considerably.
What matters this April
The fundamentals that determine a successful mortgage application remain consistent regardless of the season: a clear and accurate credit history, a realistic understanding of your borrowing capacity, a deposit that positions you well relative to the loan-to-value thresholds that matter, and expert advice from someone who knows the full market.
Spring 2026 offers encouraging conditions for both buyers and those remortgaging, with rates meaningfully lower than a year ago and product choice at its highest level in years. Approaching that opportunity with accurate information, rather than received wisdom, is the most valuable preparation you can do.
Speak to our mortgage advisers today and get clear, straightforward guidance