mortgage + long term illness

wilky26

Hi
im wondering if someone could help me with my situation. i am looking to buy my first house in the next year/2years, and need some advice on mortgages. i currently work full time but in 2007 was diagnosed with a long term illness. My illness at the moment is now under control. what i am wanting to know it where i would stand if i had a mortgage to pay and i had to go on long term sick or stop working all together? is there any sort of protection to help pay my mortgage if i end up in this situation. im trying to look at all options before buying just incase the worse happens as i will only have my wage to fall back on and dont want to buy a house and then end up not being able to pay for it.
i would be greatfull for any information
thanks

*Jellie*

You can get insurance policies but depending on the illness the payments can be very high because of the increased risk that you will claim. It can be better to build up a large emergency fund which will cover mortgage payments should you need it. You should also check your contract regarding sick pay. Much depends on the nature of your illness. If there is any sort of patient organization associated with it then it might be worth approaching them for advice.

wilky26

ooops think i have posted this in the wrong place if anyone knows how to move it please tell me!

thanks *Jellie* for your quick reply! it would take me years and years to build up enough money to be able to fall back on!
how would i find out who the patient organization people are?

curlygirl1971

I think that Jellie means a charity / organisation / society. Most major illnesses are represented by at least one. Someone I know has Multiple Sclerosis and the MS Society provides an excellent advice and information resource. So you may be already aware of such an organisation or just have a look on the net. If not, then perhaps think of a similar condition - the advise should be the same.

It may be however that an existing condition is excluded from a mortgage protection policy. If so you may be better getting a good understanding of what benefits you may be entitled to.

Best of luck - don't forget to post back on here whenyou learn more so anyone in similar circumstances can benefit

*Jellie*

Google search for your condition, any charities, patient groups etc should hopefully be pulled up. It might also be worth asking your consultant if any groups exist to provide support foreople with your condition.
Sorry I can't be more help!