By James Rodger

Copyright birminghammail

A warning has been issued to all UK households who’ve stuck by the same mortgage provider . Emma Graham, business development director at Hodge Bank, has identified five mortgage myths that are preventing people from saving cash on their homes. Ms Graham said in a warning for borrowers up and down the country amid the ongoing Cost of Living crisis: “Mortgages are one of the biggest financial commitments people make, so it’s no surprise myths take hold and stick. “However, these misconceptions can stop people from even looking at their options, which means they might not be getting the most out of the market.” READ MORE UK households urged to spend £1,700 after loved ones die She said: “Believing you need to put down tens of thousands of pounds can hold people back unnecessarily, when there are options that make buying or moving more accessible.” Ms Graham said: “While early repayment charges apply in some cases, they don’t affect everyone and vary depending on the product and stage of the mortgage.” And warning households who’ve never switched provider, she warned some people assume signing with a provider ties them in for good. Ms Graham said: “The mortgage market just doesn’t work that way. It’s a competitive space, and switching or remortgaging is a common part of homeownership.” UK households who stick with their first lender may miss out on products that better fit their changing needs, according to the mortgage expert. And in a message to those who are self-employed traders, Ms Graham said: “While it can take a little more paperwork, being self-employed doesn’t lock you out of the market. “More lenders than ever are recognising the different ways people earn and manage their income today.” The expert also added a warning for older borrowers, stating: “Age alone is no longer the barrier it once was, but the myth continues to make people think their options are more limited than they really are.”