What would make you worry about applying for a mortgage or remortgage – let’s talk about it with L&C Mortgages

[YanaMumsnet]

There are lots of situations that people think would make securing a mortgage or remortgage tricky, such as while pregnant or on maternity leave, going part-time or freelance, or maybe while on probation in a new job. With this in mind, L&C Mortgages would like to find out more about the concerns and risks you are faced with or might even put you off from applying for a mortgage or remortgage.

Here’s what L&C has to say: “At L&C we make mortgages easy. There are lots of myths about how difficult it is to apply for one in certain situations but we can demystify them for you. If you’re looking for a mortgage deal while on maternity leave, are pregnant, going part-time or on a contract we’re here to help you. We search across 90 lenders to find the best deal for you and our qualified advisers use their experience and knowledge of which lenders are likely to be understanding about your situation. Our service is fee free and we’ll be there from start to finish taking care of the paperwork. Our aim is to make life easier for you so we’d really like to know what situations would concern parents or parents-to-be when applying for a mortgage or remortgage.”

So we are asking you, when do you think is the right time for you and your family to get a mortgage or to remortgage your home? Which personal circumstances do you think can be a problem to secure a mortgage? Were you able to secure a mortgage or remortgage in a tricky situation? What was your tricky situation? What advice would you give others in your situation?

Whatever your experiences and concerns are of your family’s mortgage situation, share them on the thread below and you’ll be entered into a prize draw where one MNer will win a £300 voucher of their choice (from a list).

Thanks and good luck with the prize draw.
MNHQ
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[LucyBMumsnet]

Thank you everyone for sharing your thoughts on this thread. The prize draw winner is @nonnyno Congratulations!

[alem17]

It's difficult to get a mortgage if you're not on a permanent contract

[mishknight]

credit rating

[molly57]

I would worry about losing my income and not being able to pay the mortgage or remortgage back.

[Jocelynne123]

I once remortgaged my house when I separated from my husband. I made a mistake a tied myself in for 5 years to get a good deal thinking I wouldn't be moving. A new job meant I had to move before the 5 years and I was hit with a huge penalty worth thousands. Now I'm really nervous of making a mistake again.

[Cashy17]

Getting a mortgage was the most stressful thing we ever did, i had given up work to stay at home, so only one income which was substantial but it was taking in to account the number of dependants to that one income we didn't realise. Also the credit reports were a bit messy as we hadn't tracked what was on them, so tiding them up was also a task. But now we know all these things i don't fear the remortgage as much as we will be so much better informed the next time around. My advice is do everything to the book, be organised with your accounts and paper work. We now have everything on electronic file as well so if a copy of paperwork was requested we can email it over straight away. You can never be too organised.

[Juloof]

I feel for the young adults today. They have to save large deposits and have a good income to even apply for a mortgage.

[Scoots23]

I worry that the house value goes down and we end up with negative equity, buying a house is a big step but it in most cases it's a long term investment that is worth the worry

[lexy2009]

The paperwork and extra costs that I didn’t factor. Even though our income hasn’t changed I’d be nervous in case we didn’t get the same deal as the fixed rate we are getting now

[msemegs]

Having gone through the process in the past (so talking from experience), I'd be worried about the amount of stress the process can cause and how a simple blip can put your offer on a property in jeopardy. Thankfully everything worked out okay the first time round, but I'd be worried something similar could happen in the future.

[purplevamp]

My concern about remortgaging is whether the interest rate will be low enough. When we took out our mortgage I was working full time. But due to illness had to cut my hours by over half. We've remortgaged once since then and the interest rate was still low and the monthly cost didn't increase. But I am worried about when this fixed rate runs out whether the interest rates would have shot up.

[user1485629191]

As a single mum I would worry that if I couldn't work for any reason that I wouldn't be able to keep up the repayments

[MillyVanilli222]

I'm mostly worried about what would happen if one of us lost our job and we struggled to make a payment while waiting for another position! As well as that, I'd also worry that our credit ratings weren't good enough to afford the mortgage, or that we'd put time and money into a mortgage advisor only to find we couldn't get the mortgage after all.

[nonnyno]

I would worry that my financial situation would change and I would no longer be able to afford repayments.

[alsproject]

Increased monthly cost compared to what I am paying now

[Lynsic]

Having just retired, not being able to repay the mortgage and continue my travelling dreams.

[poppypants]

Being older i would not be able to get a mortgage

[MrRichTea]

Lack of a deposit

[blue25]

My partners wage as it varies month to month. I also worry if they look at bank statements and see how much I spend!

[user1493805144]

Generally remortgage every 3-5 years and it can be a worry mainly because they go through your finances and I worry if they'll find something they don't like.
Also change of job and wondering if the house value has dropped.

[grannybiker]

When we first applied for a mortgage I don't think I worried about anything!
Now we're both older and I have a pretty big health issues I'd worry that I wouldn't get one in case I didn't last long enough to pay it off.. !

[kaycm25]

I'm no longer working full time so I would worry that would affect us.

[Lorlypop]

A change in roles at work

[sarahm1234]

I worry about interest rates getting worse and also my change in income now I have gone part time.

[juju3]

just making a hash of it and looking silly