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
Insight Terms & Conditions apply

Due to health problems I built up some arrears many many years ago. I am worried that this could still impact me all these years later, even though I paid everything off

I am hoping to get a first time mortgage in the next few years but I have several worries. I have worked lots of short contracts so have quite a patchy work history and my credit rating has also been up and down, I am expecting this to be a problem so I am trying my hardest to secure a full time permanent position and be very careful with my money over the next few years. I am also worried about Brexit and whether this will affect me financially. I don't think I am one to give out advice as I have made MANY poor financial decisions...perhaps one would be try very hard to avoid getting into debt in the first place!!

Not being able to borrow enough to be able to afford even the smallest of properties in the area Iwant to live

I would worry about losing my job and possible lack of opportunities for good work as I get older

I'm self employed so worry that my situation may change

Ours finished a few years back .
We paid the highest house prices at the time .
The highest interest rates 15%.
We went through 2 recessions.
The pressure on our marriage was horrendous.
Would we do it again?
Is the pope Catholic lol.

Simply that if circumstances changed and not being able to afford the repayments.

Fluctuations in our combined income and interest rate hikes.

Interest rate rises causing repayments to go up in the future even if our income stays the same.

We don't have a mortgage at the moment as we were lucky enough to inherit a house from my husbands uncle, the problem is the house is very small and we live next to nightmare renters that scream and shout at each other and their kids morning and night. We ended up with a shortfall from the property we sold so five years on we are still paying for a property we don't live in. I really want to move or at the very least extend our property and put up with the neighbours but we keep going back and forth over whether we want to be tied into a payment again that we might not be able to afford if I get made redundant or if my husbands shop stops being profitable. So confusing and frustrating at the same time !!!

Being self employed is always cause for worry and should be made easier.

ill- health would be the biggest concern and not making the payments

Our biggest concern is being refused on a mortgage renewal. Times change and you don't know for sure if things are suddenly going to jump up in price or be stuck trying to get a renewal altogether.

What would worry me about remortgaging is interest rates going up.
With our first mortgage we could just a ford the repayments and then
the rate shot up and we really struggled for a while. I would not like to be in that position again.

my attention is turned on my son, not sure when he will be able to get a mortgage. What will the cost be in 15 yrs time ? or 25yrs

My age - I worry that at 55 I am too old to get new finance. That's my biggest fear.

That I wouldn't be able to borrow enough due to paying a large amount of childcare out each month

Im 41 so i worry about not being able to pay it off in time if i got a mortgage at my age

Being able to keep up payments. Sorry if something happened to my husband or that we broke up

We currently rent, and what worries me the most about applying for a mortgage is that we won't be lent enough to be able to afford anything in our area with enough bedrooms.

Interest rates sky rocketing

I worry because my job never feels secure being in the public sector . I've taken redundancy cover out because we face cuts constantly but do love my job.

The noose around my neck that is a mortgage

Primarily, what would worry me would be the amount of time it would take to pay off the new mortgage, as well as the current political uncertainty which could adversely affect the situation.

Our household income has gone down since we bought our house so I worry we won't be able to shop around for the best deals when our offer runs out