“You need a 20% deposit”
False. Twenty per cent is a comfortable deposit, not a required one. Some lenders accept as little as five per cent, subject to their own criteria and to the property itself. A smaller deposit usually means a higher rate, because the lender carries more risk, so it is a trade-off rather than a free pass. But “I have not got twenty per cent” is not a reason to stop asking.
“Self-employed people cannot get a mortgage”
False. Self-employed applicants borrow every day. What changes is how income is evidenced — typically accounts or tax calculations covering a period, rather than payslips. Lenders differ widely in how they treat dividends, retained profit and a short trading history. The right lender exists; the work is finding the one whose rules fit the way you are actually paid.
“You have to take the renewal offer, because looking damages your credit score”
False on both counts. You are never obliged to accept the product your lender sends you. And looking is not the same as applying: initial checks can often be made without affecting your credit score, while a full application may leave a mark on your file. Morrow explains exactly how that works before you apply.
“Speaking to a broker is expensive”
Brokers are paid in different ways: a fee charged to you, a commission paid by the lender, or both. Molly’s answer in the film is direct — Morrow’s advice is free. Whoever you speak to, ask how they are paid before you start. It is a fair question, and a good adviser expects it.
Four beliefs, none of them dependable. If one of them has been your reason for not asking, it is worth asking.
