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

310 replies

YanaMumsnet · 30/09/2019 10:15

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.
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What would make you worry about applying for a mortgage or remortgage – let’s talk about it with L&C Mortgages
OP posts:
TiggersAngel7774 · 14/10/2019 20:18

making payments if circumstances changed

giddyypixie · 14/10/2019 20:31

I always worry that we won't be able to remortgage onto a better/or the same rate than we currently have, and payments would increase by so much we would no longer be able to afford it!

tobypercy · 14/10/2019 20:37

Last time i remortgaged (with L&C - great service!) I was about to go on maternity leave and I was worried about how that would work. We took an interest only mortgage with the option to overpay, so we set up to overpay every month except when I was on mat leave. It worked well for us, the deal is due for renewal soon.

DavidHolland · 14/10/2019 20:52

We have luckily been able to get good mortgage rates since we first bought 7 years ago. We got a good rate when we initially purchased and then when we moved 3 years ago, we were lucky to have a good advisor that helped us greatly.

There is always the worry that when you go to remortgage the rates won't be good or you won't get a good deal, but having a good credit score and keeping on top of finances really helps alleviate that concern.

amyhalliday1 · 14/10/2019 21:12

Saddling myself with more unnecessary debt

iloveadsxx1 · 14/10/2019 21:36

Worried about not knowing how to get the right advice!

LeeR1985 · 14/10/2019 21:45

My concern would be being made redundant and not being able to afford the mortgage payments. I'm hoping to get a mortgage in a couple of years

Bemystarlord · 14/10/2019 21:50

My biggest worry is that we will never be able to find a mortgage. My partner is salaried but has debts and I have a self -employed irregular income. I feel like it would be a waste of time even applying.

katieskatie82 · 14/10/2019 21:54

i'd worry that i'd lose my job or my hours were cut back.

Sparklepants3 · 14/10/2019 22:04

At the moment not earning enough! We live where the price houses are very high so our joint income will have to be high to get a decent house. We need a few promotions before we can even think about it.

beckyinman · 14/10/2019 22:26

Getting on the property ladder then the market crashing and ending up in negative equity

earnshaw47 · 14/10/2019 22:31

i worry about not being able to continue with my payments

pfcpompeysarah · 14/10/2019 22:35

I'm a single parent and my chances of getting a mortgage would be slim as my income is just not high enough for properties in my area nowadays. I also worry about if I were to get a mortgage and then when it comes to remortgaging, the terms being much stricter and payments higher.

MarieKlepto · 14/10/2019 22:35

I think my main worry would be meeting affordability criteria - we could with no problems but because I'm self-employed I'd worry that my quite consistent salary wouldn't be taken into full account.

lewiscro · 14/10/2019 22:35

The fact my oh is self employed and whether this is the right time to be remortgaging in the current climate

lostbadger · 14/10/2019 22:41

I'm would be worried because i'm currently on a fixed term work contract and not sure if there is the chance of getting it renewed at the moment.

Minnibix · 14/10/2019 22:45

It is such a difficult time at the moment, nobody really knows how Brexit is going to affect the housing market or anything else, so this would put me off buying

obi1kinobi · 14/10/2019 23:03

Literally NOT being able to afford the payments..........

lhlee62 · 14/10/2019 23:16

I'm worried as my husband's income might possibly be reducing by a third which is nearly £700 a month. This is going to have a huge impact on the affordability of our mortgage. I am worried that the interest rates will go up as we are currently fixed for another 3 yrs, a lot could happen in that time. DH is going to look for another job so fingers crossed

feeona123 · 14/10/2019 23:21

I worried about the future when taking out a mortgage, I knew we wanted kids so it was worry about being able to pay the bills once kids arrived.

Lisapaige24 · 15/10/2019 00:07

Both myself and my husband had very good salaried jobs with very Little chance of us losing our jobs when we got are first mortgage 15 years ago fast forward 15 years and we are in different jobs which I don’t feel too confident that there as secure as I would like them to be we was hoping to remortgage to buy somewhere a little bit more expensive but can’t bring ourselves to take out a bigger mortgage in case either of us loses our jobs we could just about manage the payments if that happened so were just gonna wait for 7 years when the mortgage is finished then sell up and maybe take out a small loan to get that bigger place by then the children will be needing the extra bedrooms

foxessocks · 15/10/2019 07:00

I would worry about my credit rating making sure I've not got too much outstanding on a credit card etc

lovemyflipflops · 15/10/2019 11:13

I am wanting tp buy the house I have rented for 3 years from my landlord, unfortunately the previous tenants left with NFA and lots of debts (we keep getting red letters and court letters), I am unsure how this will affect any mortgage application as the history of the property I think may affect any application.

kamaxtra · 15/10/2019 11:29

Being self-employed. It's a bit harder to be approved.

MissChrisOfficial · 15/10/2019 12:10

I have only been self employed for a couple of years so only have a couple of years income on paper for the lender to see and I know because being self employed means my income varies I don't think lenders are as trustworthy. I worry that I would not be able to get an offer and also worry that if I did I would not be getting a very good deal. The whole process seems very scary especially when the underwriters pick apart your income and out goings.

Plus I am never sure if a fixed is the better deal as the interest rate could drop but also it could rise so it's trying to weigh up the options and decide what might be best.