The internet is full of self-proclaimed “experts” handing out financial advice like it’s sweets at a school fête. And when it comes to mortgages, Facebook groups and forums are a breeding ground for some truly awful advice. The problem? If you follow bad advice, it’s you who ends up in trouble—not the random stranger who dished it out.
Let’s take a look at some of the worst mortgage myths floating around online and why using a regulated mortgage adviser is always the smarter move.
“Mortgage lenders don’t care what you do, as long as you pay them”
This is a classic bit of nonsense that pops up in Facebook groups. The logic behind it? As long as you make your monthly payments, the lender won’t check if you’ve followed the rules.
🚨 Reality check: Mortgage lenders absolutely do care. If you take out a mortgage under false pretences—like getting a residential mortgage when you’re actually buying a buy-to-let (BTL) property—you’re committing mortgage fraud. Yes, really.
Lenders have checks in place, and if they catch you out (which they often do), they can:
- Call in your mortgage, meaning you have to repay the full loan immediately
- Put a black mark on your credit history, making it harder to get another mortgage in the future
- Even pursue legal action in extreme cases
If you need a buy-to-let mortgage, get a proper BTL mortgage—don’t try to game the system based on dodgy Facebook advice.
“Just get the cheapest mortgage deal—it’s all the same”
This one is a favourite of the internet’s self-taught financial gurus. They’ll tell you that all mortgage products are basically identical, so just grab the one with the lowest interest rate and call it a day.
🚨 Reality check: The cheapest deal isn’t always the best. What about:
- Early repayment charges? You might be locked in longer than you think.
- Are there arrangement and other setup fees? When taking these into account that cheap rate may not be the cheapest overall deal when it comes to cost
- Flexibility? Some mortgages let you overpay without penalties, while others don’t.
- Lender criteria? The lowest rate might not even be available to you based on your income, credit score, or employment type.
A mortgage adviser looks at the full picture—not just the headline rate—so you don’t get stung by hidden costs later.
“You can boost your affordability by ‘tweaking’ your application”
Some people online suggest being “creative” with mortgage applications. This can range from downplaying expenses to exaggerating income.
🚨 Reality check: This is mortgage fraud, plain and simple. Lenders cross-check applications with payslips, tax records, and bank statements. If you’re caught lying, not only will your application be declined, but you could also be blacklisted.
A mortgage adviser will always make sure your application is honest and structured in a way that maximises your borrowing power without breaking any rules.
“Don’t bother with a broker—just go direct”
You’ll see this one all the time: “Brokers just try to sell you stuff. Go straight to a bank and save money.”
🚨 Reality check: Going direct can actually cost you more. Mortgage brokers:
✅ Have access to exclusive deals that banks don’t offer to the public
✅ Can compare the whole market, rather than just one lender’s products
✅ Save you time by handling the paperwork and chasing lenders for updates
And let’s be honest—if something goes wrong, who would you rather have in your corner: a faceless bank call centre, or a real person who knows your situation inside out?
Why trusting the internet over a mortgage adviser is risky
Facebook groups, forums, and YouTube videos might seem like great places for free advice, but they come with serious risks:
❌ No accountability – If their advice goes wrong, they disappear.
❌ No personalisation – A one-size-fits-all approach doesn’t work for mortgages.
❌ No regulation – Mortgage advisers are FCA-regulated. Internet commenters? Not so much.
A mortgage is probably the biggest financial commitment you’ll ever make. Do you really want to base it on what “Dave from Facebook” reckons?
Final thoughts: Get proper advice, not Facebook fairy tales
Bad mortgage advice can land you in financial and legal trouble, but the good news is that avoiding it is easy—just talk to a qualified mortgage adviser.
At Quick Mortgages, we offer fee-free, expert mortgage advice to help you find the right deal without any of the risks. Get in touch today and let’s make sure your mortgage journey is based on facts, not Facebook fiction.
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Disclaimer:
This article is for general guidance purposes only and does not constitute legal, financial, or professional advice. Mortgage products and their terms can vary, and it is important to seek advice from a qualified, regulated professional who can assess your individual circumstances. Please ensure you consider your unique needs before making any financial decisions.
While every effort is made to ensure that the information provided on this blog is accurate and up-to-date, we do not guarantee its completeness or accuracy. The mortgage market can change rapidly, and the information on this blog may become outdated. We recommend verifying any information before acting on it and seeking tailored advice.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
