Navigating the Mortgage Maze: Tips for First-Time Buyers with Sonya Ma

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Photo Credit: The Mortgage Atelier

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Navigating the Mortgage Maze: Tips for First-Time Buyers with Sonya Matharu

Buying your first home can feel overwhelming, but it doesn’t have to be. We caught up with mortgage expert Sonya Matharu, founder of The Mortgage Atelier, to share her top tips for first-time buyers.

BY HARRIET ISHBEL SWEENEY / 26 MARCH 2025

Photo Credit: The Mortgage Atelier

Buying a home is a major milestone, but for many first-time buyers, the journey to homeownership can feel daunting. The process is filled with jargon, confusing options, and often, more questions than answers. Thankfully, Sonya Matharu, a seasoned mortgage adviser and founder of The Mortgage Atelier, is here to help guide us through it. With over a decade of experience in the industry, Sonya’s mission is to demystify the mortgage process and make homeownership accessible, no matter your financial background.

Understanding The Basics

So, why did Sonya decide to specialise in helping people navigate mortgages? Her passion for this field stems from a personal experience. As someone who has struggled with dyslexia and been through the mortgage process herself multiple times, Sonya knows exactly how overwhelming it can be.

She explains, “For too long, the mortgage process has left people feeling overwhelmed and uncertain. Buying a home is an exciting milestone, and it shouldn’t be overshadowed by confusing terminology or a lack of clear guidance.”

This understanding of how overwhelming the process can be motivated Sonya to create The Mortgage Atelier—a service dedicated to providing clear, actionable advice and support to people at every stage of their home-buying journey. Her goal is simple: to help make homeownership attainable and stress-free.

Breaking Down Common Misconceptions

When it comes to first-time buyers, Sonya says the biggest misconception is that you need to have everything ‘perfect’ before even thinking about applying for a mortgage. “Many people think they need a huge deposit, a flawless credit score, and years of job history before they can even speak to a broker. They assume they need to have everything in line before they take that first step. But that’s simply not true.”

In fact, Sonya encourages buyers to start the conversation early. Waiting until everything feels ‘perfect’ could actually delay your progress. A good mortgage broker will walk you through your options, help you understand where you currently stand, and guide you in creating a personalised plan for your future. “The best thing you can do is start the conversation early,” she advises.

Photo Credit: Bryn Toyama

For Self-Employed Buyers: Don’t Panic

Navigating the mortgage process can feel even more complicated for those who are self-employed or have an unconventional income situation. But Sonya reassures us that it’s far from impossible.

“There’s no one-size-fits-all approach to mortgages,” she says. “Different lenders assess applications in different ways, so it’s important to work with someone who understands how each lender operates.”

For self-employed buyers, stability is key. Lenders want to see steady, consistent income. The number of years of accounts required varies, with some lenders willing to accept just one year of accounts, depending on the strength of the application.

“Securing a mortgage as a self-employed borrower may seem more complex, but with the right approach and guidance, there are options out there for you,” Sonya reassures.

The Truth About Credit Scores

Credit scores are often seen as the be-all and end-all when it comes to mortgage approval, but Sonya reminds us that while your score matters, it’s not the only factor lenders consider. “Lenders look at your overall financial behaviour,” she explains. “Your ability to manage debt, maintain a steady income, and keep your accounts in good standing can be just as important as your credit score.”

If you’re looking to improve your credit score, small changes can make a big difference. “Start by checking your credit report for errors, make sure you’re registered on the electoral roll, and use credit cards responsibly. Keeping your balances low and paying your bills on time is key.”

Empowering Solo Buyers

For women or solo buyers who feel intimidated by the home-buying process, Sonya has this advice: “You don’t have to do it alone. Buying a home solo is an incredible achievement, and while it may feel nerve-wracking at times, it’s also deeply empowering.”

She emphasises that buying a home on your own terms is more than possible. “Times have changed. Women are securing mortgages and building financial independence every day.” Sonya stresses the importance of having the right information and support throughout the process, noting that a good broker will explain everything clearly, making the process feel far less intimidating.

Photo Credit: The Mortgage Atelier

fixed vs. variable: what’s right for you?

When choosing between a fixed-rate and a variable-rate mortgage, Sonya advises taking a moment to reflect on your own circumstances. Fixed-rate mortgages offer stability, locking in your payments for a set term, while variable-rate mortgages can fluctuate with the market, offering the potential for lower payments but with more risk.

“There’s no ‘one-size-fits-all’ approach here. It depends on what you’re comfortable with. Fixed-rate is great for stability and predictability, while a variable rate might offer more flexibility and savings over time.”

understanding today’s mortgage landscape

The mortgage landscape has shifted in recent years, particularly with changes brought on by Brexit, the cost-of-living crisis, and the aftermath of the Covid-19 pandemic. As interest rates have risen from historic lows, affordability has become a more significant challenge for buyers today.

For buyers navigating this landscape, Sonya advises staying informed and flexible. “There’s no ‘perfect’ time to buy,” she says, “but understanding the current market conditions and choosing the right mortgage for your needs can make a huge difference.”

overcoming the overwhelm

Finally, for anyone feeling overwhelmed by the process, Sonya’s advice is simple: you don’t have to go through it alone. “Start by understanding your financial situation—how much you can afford, what your deposit is, and what kind of mortgage you’re eligible for. Break the process down into manageable steps, and don’t hesitate to ask questions.”

She reminds us that the mortgage process is about finding the right product for you—based on your goals, your circumstances, and your future plans. “The sooner you start the conversation, the clearer your path will be.”

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