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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As I am getting older I would worry about job prospects in the future!

Employment is very precarious these days and often out of your hands so any mortgage feels like a risk. Property prices are slowing which is helpful for first time purchasers, but not so great when your own property drops in value.

I am worried about leasehold properties with increasing ground rent written into the lease. It appears that lenders are increasingly wary of lending on these properties, but they also don't want to include the cost of buying the freehold in the property valuation.

I am worrying about getting rid of current debt to take on a mortgage. I will be sole applicant and current searches suggest that even debt free with a relatively large deposit, I won’t be able to borrow enough!

I worry that because i don't currently work that my husband would be able to get the amount of mortgage we'd like on his own. I think to save him feeling the pressure by himself we'll have to wait until i'm working again.

It would worry me if our finances changed

i would worry about loosing my job

My age is now against me also my health. Had the chance to get a mortgage even though I was over 50 but the thought of that lasting into retirement and uncertain times put me off

not being able to keep up payments due to illness

That I'm getting too old

I would worry about loosing my job or being made redundant

Having an application turned down and if it might affect our credit record.

My issue is that I fell pregnant while on maternity leave, so wasn't entitled to maternity pay if I went back. So I decided to not go back, if i went back to work full time by the time id paid childcare costs Im not sure Id even be able to afford a mortgage

The process is so daunting. Being approved, how much you need for solicitors fees. The fear of being declined, not understanding the different types of mortgages and which ones best, the thought of wasting someone’s time. The list could go on.

I would only re-mortgage to get a better deal having been 'bitten' by an interest rate fix in the past.

My worry would be about repaying if our financial situation changed. Would love to remortgage to extend but just worried in case one of us lost our jobs :(

Too little time to pay it off before retirement.....

Job Security!

We've ALWAYS used L&C when shopping around for a mortgage, and we're currently on a cracking tracker, so as interest rates have been so low for so long, we've overpaid every month for the past few years. It's been great, but if interest rates start to creep up, we might consider freezing it or shopping around, and the uncertainty with Brexit is what makes me worry. There's so many ifs and buts around it that nobody knows for certain what's going to happen. It's scary!

I'm applying in January, having just gotten divorced. I am worried about the affordability for a single person and how the banks will view that.

We currently payv 650 a month for rent, so find it hard to save for a deposit.

My partner is self employed so I doubt we would be accepted anyways.

The biggest fear for me is an unforeseen hike in interest rates. After getting stung with this a long time ago and having to work overtime and get a second job, I know how painful it is. The question I wish I had asked at the time is 'how much would the repayments be of interest rates double?'

The commitment I'm making, and what happens if my circumstances change

I would worry about the financial security of my work falling through, so many major companies failing I just feel it is too much stress to pile on my family

When we got our mortgage I was on a temporary contract - this meant my earnings couldn’t be taken into account despite the fact that my contract kept being renewed. It’s increasingly common for this to happen now, permanent job contracts are hard to come by.