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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[Shesawinner1989]

Everything!!!!!

[tfozzeruk]

I worry my circumstances may change during my fixed mortgage period and I can no longer afford my payments

[Nanto2girls]

Being too old.

[flowersfromheaven]

We was looking at moving house as our mortgage is paid off but we did have second thoughts because it ment we would be taking another mortgage out and what with our age and Brixit we decided against it because who knows whats could happen in the future. When all sed an done a house is only brick and mortar happiness comes before anything else, So we intend to help daughter and her partner out with their first mortgage.

[Catmadroo]

i would worry that I wouldn't be accepted, as a lone parent and full time carer for my son I have no option but to remain with my existing lender so could be missing out on better deals. I worry about the term as Im not getting any younger

[serena9]

Being self employed

[LSJames91]

I'm worried about the housing market crashing and being in a negative equity position when we come to renew. Ideally we need to release equity to be able to afford to our extend our house from a 1 bed to accommodate our growing family.

[dadshere]

Brexit changing the interest rates, they could go up or they could go down!

[kittykomp]

my husband had a bad credit history

[Cailin7]

we have never had any issues and have remortgaged many times. a trusted financial adviser has made it easy and the benefits have been vast.

[juju3]

just making a hash of it and looking silly

[sarahm1234]

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

[Lorlypop]

A change in roles at work

[kaycm25]

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

[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.. !

[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.

[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!

[MrRichTea]

Lack of a deposit

[poppypants]

Being older i would not be able to get a mortgage

[Lynsic]

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

[alsproject]

Increased monthly cost compared to what I am paying now

[nonnyno]

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

[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

[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.