“In reality, mortgage decisions are based on a much broader picture of your finances and circumstances. While affordability is important, don’t rule yourself out because of misconceptions about what lenders look for. This isn’t something people need to navigate on their own.
“Speaking to a mortgage adviser or broker early on can help you understand what options are available. Many people are surprised to find they’re in a stronger position than they expected.”
Lloyds has also partnered with television personality and first-time homeowner Livi Sheldon (pictured right), known for appearing on Gladiators, to draw attention to the misconceptions identified by the research.
“Buying my first home was an incredible milestone, but I know how easy it is to look at the challenges involved and wonder whether it’s achievable,” Sheldon said. “A lot of people assume they need everything to be perfect before they can even think about getting a mortgage, but that’s not necessarily the case.
“Talking to experts and understanding your options can make a huge difference. Getting on the property ladder isn’t easy, especially when you’re working hard to save, cutting back on things you enjoy and putting other plans on hold. But it’s important not to rule yourself out before you’ve explored what’s possible.”
