Husband on sick - will I get a mortgage?

geordiescouse

Hi

Wondered if anyone could help?

Just accepted an offer on our house after 10 months on the market and ready to increase our mortgage to put towards the cost of the property we want.

My husband has torn a tendon (December) and not able to work at present but due back hopefully in approx 4 weeks, unfortunately he also got a DVT (blood clot) due to the tendon being imobilised but this doesn't affect him working. He is on full pay and would be for 6 months but will be back to work before this time anyway - will this affect our chance of increasing our mortgage? We are borrowing well within our means and have no adverse credit history. We would need to increase our life cover if we increase the mortgage - will that be possible too?

Hope someone can help - we've waited a long time to sell our house!

Thanks in advance....

[Deleted User]

I am not an expert in this area but would happily give my opinion.
Your husband is in employment and is being paid a regular income. I would think that the fact he is off sick is irrelevant. I would be surprised if you were asked the question but suggest you don't mention it unless you are asked.

VIGILANT22

If your going back to your current lender you should be ok......

geordiescouse

VIGILANT22 wrote: »

If your going back to your current lender you should be ok......

Was thinking of going back to them as they have best deal - do I tell them first or, as my husband should be back in work before we move, say nothing yet? Do I need to show the BS my life insurance cover?

VIGILANT22

Better to be back in work...Question on life insurance, is that because you have any?

Liz3yy

What you don't state is wether you have critical illness cover, or PPI (Payment Protection Insurance)? If you have this then you will be OK should anything happen. But like CR10 says, the fact that your husband is earning a regular wage would override the fact that he is currently off work. Contact your lender its the first call i think, but you should have nothing to worry about. Money counts with these people!:-)

Clive

VIGILANT22

Lenders dont ask for cci/critical illness........(income protection is more important) but they dont ask for it.....

geordiescouse

Think what I'm trying to say is that I have enough life insurance to cover my mortgage at the moment but would need to increase it to cover the additional mortgage - would my husband being off work hinder that?

We've finally sold after all this time and don't want anything to stand in the way of getting our next property - either the BS willing to loan us the extra money or the insurance people not wanting to increase the cover. Didn't have critical illness or sickness cover previously as we are both paid for 6 months if sick and could afford the existing mortgage on one wage this will alter when we increase the mortgage to buy the next property.

Thanks for all your advice you are a brill bunch of people!

VIGILANT22

What would happen if you're sick for more than 6 months...It does happen and you dont want to use your income....Phone existing provider and extend life insurance

Louby-Lou_2

When I was sick 2 yrs ago for 3 months and on full pay I could not up mortgage or get loan as we were thinking of moving ( only have small mortgage was nothing to do with the amount wanting to borrow) they will not count your hubbys wage.
However on the first day back to work I could .
Good luck.

was with nationwide other might be different.

VIGILANT22

That's why I said wait until he returns to work...........