As you are probably aware, getting on the property ladder is one of the most rewarding feelings you will ever experience, and while testing, it is certainly more than manageable if you take the time to familiarize yourself with the process. Now, the mortgage industry and the property market has changed dramatically over the last few decades.

It is tougher for the younger generation to get on the property ladder, there’s no denying that, but there are plenty of options now available. Today however, we’re going to focus on mortgages, but not in the way that you may have thought. Here we’ll be taking a look at a few surprising facts about mortgages.

The word ‘Mortgage’ has dark undertones

Did you know, that the word ‘mortgage’ is actually pretty-macabre? The reason for this is that it is literally related to death. The word has French origins and is derived from the French words ‘mort gaige’ which literally means ‘dead pledge’. The reasoning for this is that, if you fail to pay your mortgage, or if you pay it off, your mortgage dies. How’s that for a nice and cheery way to start your day?

Having no credit score hurts your chances of getting a mortgage

In order to be considered for a mortgage, the lenders first need to have a rough idea of how careful you are with your money, and how well you can manage your finances. This is why they check your credit score. If you have a good credit score, this proves that you can pay your debts on time, and that you can manage your money. A low credit score tells the exact opposite. But did you know that having no credit score is just as bad, if not worse, than a low credit rating? It doesn’t matter how good you are with your money, if the lenders don’t know anything about you, how can they be expected to lend you a sizeable amount of money? The answer is that they can’t.

Red doors aren’t just pretty to look at

In a world where white UPVC doors reign supreme, it’s nice to see a little colour on people’s front doors now and then. If you ever see a red door however, the owner may not simply enjoy the colour. You see, in Scotland, and in many other parts of the UK too, homeowners paint their doors red when they have paid off the mortgage to their home. When buying your first home, rather than champagne, why not celebrate paying off the mortgage by painting your front door red instead?

A lot of people don’t understand mortgages

You’d think that once you bag your first job and legally become classed as an ‘adult’ you would immediately understand how mortgages work, as if by magic, it seems. The reality is that a large percentage of the population do not understand how mortgages work.