I can’t get a mortgage – can I?

Do you think you can’t get a mortgage because you need a huge deposit, a perfect credit score and absolutely no debt? Then think again!

If you’re a younger buyer hoping to get onto the property ladder, it’s easy to look at house prices, interest rates and your bank balance and think: “There’s absolutely no way I’ll get a mortgage.”

But here’s the thing. You might be wrong.

New research reported by Financial Reporter has found that more than half of prospective first-time buyers are making assumptions about mortgages that simply aren’t true.

The study by Lloyds research found that 58% believe having existing debt would automatically stop them getting a mortgage. Meanwhile, 37% think you need a 20% deposit.

Other misconceptions include believing that an overdraft, receiving benefits, recently changing jobs, having less-than-perfect credit or being self-employed would automatically rule you out.

They don't necessarily. And that could be a very expensive assumption to make.

Stop deciding you're not eligible before anyone has checked

‘Bad understanding of mortgages’

One of the biggest problems facing younger buyers isn't necessarily that they can't get a mortgage. It's that they think they can't.

Research has repeatedly shown that first-time buyers don't always understand how mortgages actually work.

A survey a few years ago found that 52% of UK adults aged 18-34 said they had a fairly or very bad understanding of the mortgage process from beginning to end.

More recently, research from the Building Societies Association found that almost half of aspiring first-time buyers had never spoken to a mortgage lender or broker. And that’s despite some potentially qualifying for products that might allow them to buy sooner than expected.

That's quite a gap.

People are making one of the biggest financial decisions of their lives based on what they think lenders will say, rather than finding out what a lender might actually say.

‘But I've got a car loan…’

This is one of the big myths. Having debt doesn't automatically mean you can't get a mortgage.

If you've got a car loan, credit card balance, student loan or overdraft, the important question isn't simply, “Do you have debt?”

It’s: “Can you afford all your commitments, including the proposed mortgage?”

Lenders look at your income, outgoings, existing commitments and wider financial circumstances when assessing affordability.

So having a car on finance isn't necessarily a mortgage deal-breaker. Neither is having a student loan.

Neither is having an overdraft.

And having an imperfect credit score doesn't automatically mean you're locked out either.

Every application is different.

‘I haven't got a 20% deposit’

You don't necessarily need one. In fact, official government housing data shows that 59% of first-time buyers with a mortgage paid a deposit of less than 20% in 2024–25. That included 16% who put down between 1% and 9%, and 43% who put down between 10% and 19%.

So if you’ve saved 5%, 8% or 10%, don't automatically assume you need another five years of saving before you can even start looking.

There are mortgages available at higher loan-to-value (LTV) levels, although the right option will depend on your circumstances and affordability.

Don’t confuse “I don’t have a 20% deposit” with “I can't get a mortgage.”

They're not the same thing. In fact that’s a big mortgage myth, which we’ve looked at before.

Why you need to take the first step

The latest research found that 37% of prospective first-time buyers said being rejected for a mortgage was a particular concern.

That’s understandable! Nobody wants to hear “no” after spending months looking at houses and saving for a deposit.

But there's a big difference between being rejected and never asking in the first place. If you don't speak to anyone, you're effectively rejecting yourself.

And that's perhaps the biggest mortgage mistake younger buyers can make. You don't need to know everything about mortgages before speaking to a mortgage adviser.

You don't need to have found your dream home. And you don't even necessarily need to have a massive deposit sitting in your savings account.

What you need is an honest conversation about your circumstances.

So, could you actually get a mortgage?

You might be able to get a mortgage – and you might not. But without having an expert – such as our experienced team of brokers – then you’ll never know.

The mortgage you think you can't get might be closer than you realise. And if you're a first-time buyer, that's exactly why getting advice early can be so useful.

Don't have to start with “I want to buy a house.” start with: “Can I actually get a mortgage?”

You might be surprised by the answer.

What should I do next?

If you’re now thinking you would like to take the first steps in applying for a mortgage, speak to us today. We give honest advice with our team’s combined decades of experience.

Your home may be repossessed if you do not keep up repayments on your mortgage