Biggest mistakes people make that could stop them getting Barclays 0% deposit mortgage

Here are the biggest mistakes which people make when applying for a mortgage as Barclays offer 0 per cent deposits on Right to Buy properties.

Earlier this week, the bank announced it would be scrapping the requirement for a deposit for Brits looking to buy a property through the Right to Buy scheme.

However, Right to Buy scheme or not, buying a home means you need to secure a mortgage. Unless you're lucky enough to have the entire asking price stashed away under your sofa, which in that case what are you even doing here.

Getting a mortgage is no easy task, with borrowers often finding out their applications have been rejected for a variety of unexpected reasons.

When applying for a mortgage, make sure all your documents are in order (Getty Stock Images)

So if you're looking to secure a mortgage, pull out a pen and take note of some of biggest mistakes which could see you rejected from getting a mortgage.

According to This is Money, here are four major reasons why your application could end up rejected.

Unusual bank transactions

We're all guilty of transferring our mates cash owed for drinks on a night out or a takeaway and putting silly or sometimes dodgy explanations as the transaction name.

However, this is not a good idea if you're looking to become a home owner, as the bank will be thoroughly combing through all of your statements.

"Lenders look for stability and transparency in financial behaviour," Ravesh Patel of Reside Mortgages told the outlet.

The guidance comes as Barclays announced their zero deposit mortgage scheme for Right to Buy applicants (Getty Stock Images)

Incorrect address on ID

Let's be honest, how many of us are guilty of not bothering to update the address on our driving licence every time we move house?

Chances are it's a good chunk of the population, with a recent survey revealing that around 12 percent of borrowers have an incorrect address on their ID.

"Lenders use your ID to verify your identity and address, and any discrepancies can raise red flags or cause delays and can often lead to your application being declined," explained The New Homes Group's Terry Higgins in a recent campaign with David Wilson Homes.

Not being on the electoral roll

With most of us spending the majority of our early adulthood jumping from rental to rental, updating our address on various documents can end up being missed.

However one which you absolutely should keep on top on is making sure you're registered on the electoral roll, as it can have a bigger impact than not being allowed to vote at elections.

"Making sure that you're on the electoral roll is a good idea," L&C Mortgages' David Hollingworth explained.

"Lenders will conduct credit checks and the easier it is to see an address history the better."

Self employment

Thanks to the growth in the freelance industry, unstable employment and the dreaded side-hustles a lot of young people these days are self-employed.

Which is great for avoiding the 9-5 work week, but not so good when applying for a mortgage.

The unstable nature of freelance employment means that banks will consider you a bigger risk to lend to.

"To avoid issues, provide clear records like invoices or tax returns to show your income is consistent over time," Higgins added.

What is the Right to Buy scheme?

Confirmed earlier this week, Barclays' zero deposit scheme will provide a huge boost to renters looking to purchase their council or housing association homes through Right to Buy.

However, as you may have already guessed, the zero deposit scheme isn't available to everyone.

Following advice from the government, you're eligible for the Right to Buy scheme if you live in a council or housing association property.

For more details on who's eligible, check out the government website here.