Most of us who have not already done so, dream of getting on the property ladder so that we can have more security and start building a nest egg for our futures.

Unfortunately, many people find it quite difficult to get that first mortgage that will get them on the property ladder, and often for surprising reasons that they may not have considered before applying.

With that in mind, let’s take a look at some of the morse surprising things that could be preventing you from getting on the property ladder right now, after all, knowledge is power!

You have never had credit in the past

Many people who have never used a credit card or taken out a loan in the past find it difficult to get a mortgage because their credit score may be negatively affected.

It sounds strange that a credit score could be lower because someone has never utilized credit before, but think about it; if you have never used credit, creditors do not know how good or bad you are at paying it back. If you have no credit history, you are an unknown quantity and that can put many mortgage lenders off.

Your credit score is incorrect

While we’re on the subject of credit scores it is also a good idea to check yours regularly with a view to spotting any errors. Often, incorrect information can find its way onto your credit file, and if it is negative, it could be dragging you down and preventing you from being approved for a home loan.

If you do spot any issues, you can simply get in touch with the credit reporting agency to let them know what the issue is and ask them to correct it. As long as you can prove what you are saying, they should have no problem doing so.

Being in the middle of a divorce

Getting divorced is really stressful and being unapproved for a mortgage can make it even more so, but many companies will not consider lending money to someone who is in the middle of a divorce when they do not know what the settlement outcome will be. 

Of course, there are plenty of things you can do to swing things in your favor as you will see when looking at these mortgage during divorce FAQ's, but if you’re divorcing, you will need to ensure every other aspect of your application is as close to perfect as it can possibly be.

Moving jobs

If you can avoid moving jobs in the months and years before you plan to apply for a mortgage, you will stand a much better chance of being approved for your home loan because mortgage companies want to see that you have a steady income and a stable job.

Many companies will also take your income over the past 24 months into account, so if you can avoid making any move that will see you bringing in less money over that period of time, it should be easier for you to get on the property ladder.

Not voting

You might think that the only consequence of not voting is that you might end up being governed by a candidate who you do not like and who you do not think is doing a good job. However, if you are not registered to vote, this could affect your credit score, and make it less likely that anyone will lend you the money you need to get on the property ladder too, so at the very least, register to vote.

Lots of credit applications

If you have recently made lots of applications for credit, even if you have not used any of that credit, and even if you were declined it could make lenders skeptical about approving your home loan because lots of applications could indicate that you are struggling for money and may not b able to afford you mortgage payments. If you can avoid applying for credit in the months before you apply for a mortgage, it’s probably a good idea to do so.

As you can see, there is often a lot more to being accepted for a home loan than you might have imagined, so the more you can do to avoid the above, save a decent deposit and improve your credit score, the better your chances will be of getting on the property ladder in the near future, and the less heartache you will have when your application is not approved for seemingly no reason at all.

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