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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.
MNHQ
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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:
pushchairprincess · 14/10/2019 12:14

My families mortgage situation is, we are 7 years on a repayment mortgage, the amount is reducing, but we are struggling to meet each months repayment, it's so hard some months, to pay the nursery fees, and working lower hours is quite stressful. I would like to know if I can remortgage, over a longer period of time, reducing our repayment, and when and if we are financially able to reduce the time and increase our payments - would our - or another mortgage provider do this and would the costs of the administration be paid by us.

KJ1986UK · 14/10/2019 12:32

My hours have recently been cut from 35 down to 20 which would be my main concern. I do get overtime when available but this is not always guaranteed so obviously I can't count on this to help secure a mortgage deal.

lizd31 · 14/10/2019 12:33

I've only got a few years left on my mortgage & I'm on a very low fixed rate until it ends so have no worries about remortgaging. Before I had to retire on ill health & disability & was a qualified mortgage advisor so again no worries

emmmaaa26 · 14/10/2019 12:41

Not being clued up enough on the information I need. I don't take information on board easily and know I would struggle.

rossybearrr · 14/10/2019 12:43

Actually getting the deposit is the biggest worry my wife and i have, I earn enough for a decent sized mortgage but finding 20k to begin with is a joke, we will likely be doing the shared ownership or help to buy if that still exists next year!

Lindseymorris29 · 14/10/2019 12:50

I worry because my husband is the only earner in the household, as I had to give up my job due to childcare issues. It is always at the back of my mind what we would do, as I have been out of employment for over a year now and imagine it won't be so easy getting back into employment.

ASHLEY91 · 14/10/2019 12:52

My main worry would be if the place I work closed down and we were unable to keep up with payments.

maryandbuzz1 · 14/10/2019 12:55

We got our first mortgage a long time ago. Neither of us had permanent jobs but that didn’t seem to be a problem, then, although we did have a substantial deposit. We just bit the bullet and went ahead ....I am not so sure we would be quite so confident if we did now.

angiehoggett · 14/10/2019 12:57

I worry that the interest rates will rise and it will take me longer to pay off my mortgage.

ThemisA · 14/10/2019 13:02

I am self-employed and my income is varied so I would be very anxious to take on a large loan. I am lucky that I managed to buy my first property quite a few years ago as a cash buyer, I don't think I's ever have managed without this early start. I bought a studio flat in an area that was cheap and rented it out which got me on the ladder.

feefeegabor · 14/10/2019 13:04

I suppose my main worry would be losing my job and not being able to afford the repayments.

cocochips · 14/10/2019 13:20

Interest rates going up

AnimalAddict · 14/10/2019 13:26

I worry that if my finances were to change I wouldn't be able to afford the payments

Pmliu · 14/10/2019 13:29

I would be worried if my mortgage application would be accepted and whether I would be able to afford it. I had to give up work to look after my 3 little ones, my husband works full time but money is still very tight at the moment.

racheybr · 14/10/2019 13:36

my main worry was self employment. Following maternity leave it didnt make sense to go back to working for an employer that really didnt have much care for me or flexibility so self employment was an attractive option. It turned out to be brilliant for the family and actually bring in slightly more money for less hours although it took a little time to build. I felt penalised though by not finding it easy to get a mortgage and having to prove myself for years in order to borrow a decent amount of money. It was tempting to cave and go back to employment as three months wage slips would have given as good evidence to a mortgage company as two to three years of self employment books. Happily- we are over that now and moved, just before I need to go off on mat leave again!

gd2011 · 14/10/2019 13:37

I would worry about being able to make the repayments.

sarah861421 · 14/10/2019 13:42

being able to repay the amount in 12, 24 or 60 months time, Being able to sell and move easily

liamell · 14/10/2019 13:45

We have so many bills already that (even though this sounds so silly as we pay rent every month) the thought of being locked in for 25 years scares me to death

WhiteKnuckleRide · 14/10/2019 13:46

I have recently had a mortgage offer for our first ever home, but I was panicking due to my bad credit. My partners credit is fantastic and I was dreading being rejected and it being my fault. Thankfully our mortgage advisors were fantastic and put our minds at ease and sorted everything out for us, and managed to find us a lender at a fair interest rate all things considered.

socat · 14/10/2019 13:46

Would be a worry if there were an erroneous entry on my credit file.

Mine should be tip-top and any correction takes time.

With property prices have to get the balance correct, asking price vs affordability. (without over-extending should any repairs become due etc.)

BL0SS0M · 14/10/2019 13:50

If buying now I’d be a bit worried about the effect Brexit will have on house prices

Marg2k8 · 14/10/2019 13:50

Applying for a mortgage was not something I worried about, due to a background working in banking.

LOU2ASH · 14/10/2019 13:58

My main worry would be if finances ever changed and we were unable to keep up with payments.

kateloader · 14/10/2019 14:10

My main worry is that I'm a sole applicant and I worry that my LTV will be too high when I come to remortgaging when my deal comes to an end and I'll either be rejected or the monthly payments will be impossible.

sophiefx · 14/10/2019 14:22

I'm most worried about keeping up the monthly payments as recently we've been struggling.