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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My biggest worry would be the repayments should our income change/drop

Concerned about ongoing uncertainty, potential impact on house price etc. Also concerned about how stressful the whole process may be!

Understanding the terminology is quite worrying. If you are not familiar with the language it is a stressful process. I find I've zoned out of the face to face mortgage advisers information because I can't process the figures and language together. I'm well educated but I am also dyscalculic so the process is frightening. I've been lucky to attend and apply with my husband who I trust completely, but it must be worse for those without that
support.

I worry about getting ripped off. They do not teach you about these kind of things in school

i think brexit is causing uncertainty about what it will do with house prices and our job prospects. we re-morgaged a few months back to get a lower fixed rate

my concerns are the fees associated with leaving a mortgage early, how to incorporate another party. There also seems to be other fees such as valuation of property. Also hard to know when to switch or re-mortgage, how to find the best rates.

Finding out we don't have enough equity in our home to get the remortgage rate we want.

rates suddenly shooting up

Keeping up with repayments if interest rates went up would be my main worry

Looking at remortgaging soon as our deal comes to an end but there are so many deals available I worry I may pick the wrong one that isn't suitable in the long term . I worry whether switching providers is better than staying with our provider now given that we only have a short term left in our mortgage .

A remortgage

It’s so difficult to get a mortgage now as lenders are extremely strict and want to know all aspects of your finances. It all seems too much hassle so I stay with my current mortgage provider at renewal time

I would always be worrying about being unable to keep up with payments

I always remortgage after my fixed term, prepare for at least 6 months before, and problems can be, too much on credit, or a partner not working.

My main concern is affordability, what if there's a massive hike in interest rates and my salary doesn't rise.

Hidden costs and charges concern me .

As there is only one person in our family working I worry that the companies will see it as him having too much to pay out for and then we will get told no or stuck in a poorer deal compared to a family with fewer dependents and more income

my main concern about taking out a mortgage would be what would happen if we ever remainend out of work or i worked less, for this reason ive stayed in rented accomodation but would actually love my own place

My credit score would really worry me
As it’s not been the best

My main worries would be Job loss or sickness. My husband is also a contractor so his job security isn't great.

Losing our jobs would be the biggest worry but also if a big expenditure came along too as we live hand to mouth

we paid off our mortgage really quickly, we did think about raising money on the house last year, but after a lot of consideration, including bank charges etc and the fact that interest rates will initailly rise after leaving the eu, we decided to use some of our savings untill there is a more stable economy

I would worry about what happens after Brexit, if it ever happens!

I don’t earn much as a supply teacher so next time we will apply on my husbands wage but he is self employed and hence this causes problems- If you work for yourself it can be harder to get a mortgage as lenders will worry about whether your income will fluctuate from month to month.

I no longer work full-time. The combined household wage makes us more than comfortable.