# First time buyer frights: Five homebuying myths busted.

Posted 30/09/2026 by [Alicia Robson](/blog/authors/alicia-robson)

 Buying your first home can feel daunting, especially when you are faced with conflicting advice. From deposits and credit scores to surveys and additional costs, we separate fact from fiction and explain what Northern Ireland first-time buyers need to know.

   ![couple with man ](https://www.reedsrains.co.uk/uploads/blog_post/12_1321_s.jpg?v=65429) Buying your first home should be exciting, but unfamiliar terminology and common misconceptions can make the process feel more frightening than it needs to be.

The good news is that many of the things first time buyers worry about are not quite as scary as they sound. With the right preparation and advice, you can approach your property search with greater confidence.

Here are five common homebuying myths and the facts behind them.

## Myth 1 You need a 20 percent deposit

A larger deposit can give you access to more mortgage options and may help you secure a better interest rate, but you do not always need to save 20% of the purchase price.

Some mortgages are available with a deposit of 5%. Products offering 100% of a property’s value may also be available in limited circumstances, although they are less common and can carry additional risks.

The right deposit will depend on the property price, the available mortgage products and your individual circumstances.

For example, a 5% deposit on a £180,000 property would be £9,000, while a 10% deposit would be £18,000. Although a larger deposit reduces the amount you need to borrow, it is sensible to keep some savings aside for the other costs involved in moving.

Speaking to a mortgage adviser early can help you understand how much you may be able to borrow and how different deposit sizes could affect your monthly repayments.

## Myth 2 Your credit score must be perfect

Your credit history is important, but there is no single score that guarantees your mortgage application will be accepted.

Every lender uses its own criteria. They may consider your income, regular spending, existing debts, deposit, employment and payment history alongside the information in your credit report.

A lower score may reduce your choice of mortgages or make borrowing more expensive, but it does not necessarily prevent you from buying a home. Equally, a high score does not guarantee approval.

Before applying, check your credit reports and make sure the information is accurate. Look for incorrect addresses, unfamiliar accounts or errors that may need to be corrected.

It can also help to register to vote at your current address, keep payments up to date and avoid applying for unnecessary new credit in the months before your mortgage application.

If you have concerns about your credit history, talk to a mortgage adviser before submitting an application. They can help you understand your position and explore suitable options.

## Myth 3 A mortgage valuation is the same as a survey

It is easy to confuse a mortgage valuation with a home survey, but they have different purposes.

A mortgage valuation is primarily carried out for the lender. It provides a limited assessment of whether the property offers suitable security for the amount being borrowed.

It is not a detailed inspection of the home’s condition.

The Royal Institution of Chartered Surveyors explains that potentially expensive defects may not appear in a lender’s valuation report. A separate home survey gives the buyer more information about the condition of the property.

The right type of survey will depend on the age, construction and condition of the home. An older building or a property requiring renovation may benefit from a more detailed inspection than a relatively modern home in conventional condition.

If the survey identifies a problem, speak to the surveyor and your solicitor before deciding how to proceed.

## Myth 4 The deposit is the only upfront cost

Saving your deposit is a major achievement, but it is not the only cost you need to include in your budget.

You may also need to allow for:

- Solicitor and conveyancing fees
- A home survey
- Mortgage valuation or arrangement fees
- Stamp Duty Land Tax, where applicable
- Buildings and contents insurance
- Removal expenses
- Furniture and appliances
- Immediate repairs or improvements

MoneyHelper recommends considering the complete cost of buying and moving rather than focusing on the deposit alone.

Qualifying first time buyers purchasing a main home in Northern Ireland may be eligible for Stamp Duty Land Tax relief.

Under the rules applying from 1 April 2025, qualifying buyers pay no Stamp Duty on the first £300,000 of a property costing £500,000 or less. A rate of 5% applies to the portion between £300,000 and £500,000.

If the purchase price exceeds £500,000, First Time Buyers’ Relief does not apply. The purchase and every buyer involved must meet the relevant conditions.

Tax rules and individual circumstances can change, so speak to your solicitor or another qualified professional before relying on an estimate.

## Myth 5 An accepted offer means the property is yours

Having your offer accepted is an exciting milestone, but there are still several stages to complete before you receive the keys.

Your mortgage application, valuation, survey and legal work must all progress. Your solicitor will investigate the property’s title, raise any necessary enquiries and explain the contract before you become legally committed.

Until contracts are exchanged, the buyer or seller may still withdraw. If the seller pulls out before exchange, the buyer will not normally have a legal right to recover the money already spent on the purchase.

An agreement in principle is not a guaranteed mortgage offer either. It is an indication of what a lender may be prepared to offer, subject to a complete application, financial checks and an acceptable property valuation.

Once your offer is accepted, respond promptly to requests for information and stay in contact with your estate agent, solicitor and mortgage adviser. Good communication can help keep everything moving.

Avoid booking removals or making non-refundable arrangements until your solicitor confirms that it is safe to do so.

## Take the fear out of buying your first home

Good preparation can make buying your first property feel much more manageable.

Before beginning your search:

- Review your income, spending and existing debts
- Check your credit reports
- Save for your deposit and the additional buying costs
- Speak to a mortgage adviser
- Arrange an agreement in principle
- Decide which areas and property features matter most
- Register for alerts when suitable homes become available

Some Northern Ireland buyers may also be eligible for affordable homeownership options, including Co-Ownership. Each scheme has its own eligibility rules and costs, so check the current terms and seek independent advice before deciding whether it is right for you.

Whether you are working out your budget, deciding where to buy or ready to arrange your first viewing, your local Reeds Rains Northern Ireland team is here to help.

[Contact your local Reeds Rains branch ](/page/1116)

*Information in this article is correct at the time of publication and is intended as a general guide. Rules differ across England, Wales, Scotland and Northern Ireland. Landlords should obtain professional advice on their individual circumstances.*

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

   ![Alicia Robson](https://www.reedsrains.co.uk/uploads/blog_author/12_11_t.jpg?v=35479) [Alicia Robson](/blog/authors/alicia-robson)

Reeds Rains Emarketing Executive