Mortgage myths 2026

Buying a home in 2026? You will hear plenty of advice – some of it out of date. The market has changed. Long-term fixed rates and more flexible lending now give many buyers real certainty. 

Here are five mortgage myths you can safely ignore and how Perenna can help. 

Myth 1: You must remortgage every 2-5 years.

Truth: You don’t have to remortgage frequently.

Short-term fixes used to be the norm, but many people now prefer longer terms. With Perenna’s 7, 10 and 15-year fixed mortgages, your payments stay predictable for years. You won’t need to renegotiate every few years. 

Why people choose long-term fixes: 

• Predictable monthly payments 

• No need to remortgage every few years 

• Protection from sudden rate rises 

• Less admin, less stress 

Perenna benefit: Long-term fixed products with flexible ERCs – no charge to move home or repay with your own funds, plus up to 10% annual overpayments.

Myth 2: You need a huge deposit to buy a home.

Truth: Not anymore – many buyers start with 5%.

You don’t need a huge deposit to get started. What matters most is that your monthly payments are manageable. Perenna works with brokers on 5% deposit cases and can support schemes like Deposit Unlock.

How to approach it: 

• Start with the deposit you have 

• Explore 5% and 10% examples with a broker 

• Check first-time buyer schemes and incentives 

Perenna benefit: Borrow up to 95% of the property’s value and up to six times your income (subject to criteria), making it easier to get on the ladder.

Myth 3: Fixed rates are always more expensive.

Truth: Fixed rates are not always more costly.

A fixed rate can look higher at first, but it can save money and stress if rates rise. Perenna’s long-term fixes give you stability without tying you down. 

Fixed-rate benefits: 

• No sudden payment increases 

• Fewer remortgaging costs 

• Clear, predictable budgeting 

Perenna benefit: Long-term stability plus flexibility – switch product or move home without ERCs in many cases.

Myth 4: You can’t get a mortgage if you’re self-employed.

Truth: Self-employed buyers get mortgages every year.

Lenders will want proof of income, such as accounts or tax returns. The steps are slightly different if you are self-employed, but it is still very doable. A broker who understands these cases can help get everything in order. 

What helps most:

• Clear income documents 

• A broker who understands self-employed cases 

• Packaging your application correctly from the start 

Perenna benefit: Your income is presented clearly through a broker, and long-term fixed payments mean you can plan ahead with confidence – even if your earnings vary.

Myth 5: You cannot get a mortgage later in life.

Truth: You can get a mortgage at any age, even in retirement.

Many lenders no longer set a maximum age. What matters is whether you can afford the mortgage. That makes it easier to move, remortgage, or borrow in retirement. 

What lenders look for: 

• Your income 

• Long-term affordability 

• A clear plan for repayment 

Perenna benefit: No maximum age on certain products – applications are assessed on the property and your ability to repay, not your age.

Final thoughts 

The mortgage market in 2026 is more flexible than many think. Don’t let old myths hold you back. Speak to a broker who has access to Perenna’s products to see what’s possible.

Correct at time of publishing.