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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[pusinky]

I worry about losing my job and not be able to keep up with the payments. Properties are ridiculous expensive which makes it difficult to save fora deposit.

[MimiJoy]

As me and my husband are now in our 60's, I'd worry about us being too old to re-mortgage and ailing health.

[Blobski1]

Worry about paying it off. It is a worry and having mortgage feels like a gamble on life , you hoping to live in good health for a long time and to be able to pay it off yet would you?

[strawberrisc]

Being turned down for a reason I hadn't even anticipated or could plan for.

[bubbleybooboo]

i worry about job stability and whether ill be able to keep up repayments. ive been there over 15 years but recent rumours are that we are going bust and redundancies are being made.

[Florentina]

Currently, with the uncertainties caused by Brexit, I would not take a mortgage as house prices could very well fall as the UK goes into recession.

[123hartley123]

The age I will be when I have paid it off, and if the interest rates increase

[LycanGav]

Our biggest worry is one of us losing our job and not being able to keep up with repayments.

[AuFinch]

Life, yes Life! it seems to throw a spanner in the works sometimes! I think if I was younger I would worry about a surprise baby popping along scuppering the finances! I think its important to find a lender that has flexible terms as when I had our son I was able to return to work part-time (the full time child care was just more than what i earned at the time - we are going back a few years here! and my mother in law kindly looked after our son for a day even though she had many other grandchildren so part time actually worked out better than full time).

I think now the time of the surprise baby has passed in our lives, the only thing to put me off remortgaging is that now we are preparing for later life, and if we remortgaged we would not be able to help our son in the future if all our money was dedicated to repayments and also with the worries of will we actually get a pension? will the goalposts be moved again on how long we have to work before we retire? etc I would be reluctant / put off to remortgage as its best not to borrow if you dont know what struggles you may face in the future. - all of this is something we probably wouldnt need to even worry about as the OH is self employed and we had a shock the last time we moved and found he was not able to borrow as much as we thought we would be despite us being very good with our money responsibilities and always paying on time.

The other thing that would potentially put me off, is that a lot of these new houses seem to have a lot of problems that the developers know about but dont fix (increasingly worrying amount we seem to hear of thesedays) so If we did upgrade to a new home I would be worried that work would need doing and with a bigger mortgage we wouldnt be able to afford to rectify the works ourselves and be stuck in limbo.

[buzzybev]

I wanted to reduce my term to increase payments in the short term but this meant having to be means tested again and paying £75.

This just seemed ridiculous. My bank is my mortgage provider so they know I could afford the higher payments. But I had to pay £75 so they could check me to make sure. Surely that's for their benefit so why do I have to pay the fee?!

[Nikita90]

income changes! now i have 2 infants and want to reduce my working hours!

[happysouls]

I think that my current circumstances would not allow me to re-mortgage and I'd be concerned that any credit checks might effect me. I am leaving well alone and hoping to hang on in there!

[bevmichelle47]

We was renting for years and trying to save for a deposit of a mortgage was extremely hard, especially when paying £460 a month for rent, then bills ontop. When we finally managed to get the deposit, it was really hard finding a bank to give us a mortgage as i was only working part time, but hubby was full time. But finally my works boss give me a full time job and after another year of waiting, we managed to get a house. It's a hard road, but worth the security!

[Yomple]

Nowadays it seems there are so many rules and regulations and there are so many hoops to jump through.

[Sezza110]

Being unable to work to keep up the repayments.

[xcxcsophiexcxc]

I was worried up end up on a high tariff as since having my son my income isnt as high ap I'm already stuck with the same mortgage supplier. Luckily the new rate offered was more or less the Same!
However I worry about the future for moving house as my mortgage is non portable meaning unless I'm exactly ready to move when my mortgage has run out I'll be paying a hefty lump to change !

[Montydoo]

In my early 20's I got into debt with credit cards, and had to seek a consolidation loan to pay off all of my debts (loans and credit cards) - they are thankfully now paid off and I am debt free. I have been renting for 3 years and want our 'forever home' for stability and where my children can call home - I worry that my credit history may mean I may be turned down for a mortgage, or be only a mortgage with a higher interest mortgage, as I am classed as 'high risk'. I have saved a good deposit - so hope I can secure a lovely home and find a mortgage provider with a reasonable long term fixed rate, so I can afford the repayments and budget my income and outgoings. Thank you.

[Mitcholiver]

Unfortunately in this time of unsettlement our jobs are never 100 percent secure and entering into a mortgage is such a big financial commitment it's a real worry if either myself or my husband are made redundant.

[NICH7]

My main worry is to keep up with the payment, in case the interest rate rises further. We fortunately have a very good mortgage deal with a small building society, however any increase in BOE rate affects us.

[nettymay]

I worry that we won't be able to keep up payments long time as we have illness in the family

[sor5]

I am worried about nor having a fixed rate.

[Ganne1]

My worries would be having negative equity or having life changes that would render me unable to repay the monthly payments.
However, we have already had one problem with house sales, whereby our chain fell through, so we decided to sell and take the cash, and then house prices went up by 100% in one year in our area. We finally managed to get it sorted out.

[LucyBo17]

My worries about mortgaging is that Brexit will make all the house prices plummet and our house will be worth a lot less than we paid for it.

[minkeymonkeys]

I always worry about our job security. My husband has faced redundancy a couple of times.

[farhanac]

I prefer to own whatever I have outright