Getting a mortgage now i am disabled?

zhola

Hi,

I have owened my own home for 8 years and have never missed a repayment but 5 years ago i was diagnosed with MS.

I own a two story home and need to change to a one story home so i am looking to selln my house and buy somewhere new.

I currently work full time as does my partner ut i am aware that my disability is progressing and in a few years i may not e able to work anymore .

My question is this:
Will it count against me to get a new mortgage now im diagnosed even though my repayment history is good?

I havent really looked into it with a financial advisor yet i just wanted some opinions.

Thank you.

ACG

The mortgage doesnt ask health questions so the lender need not know.

However, you obviously need to consider your situation financially to ensure you can afford it if/when the time does come that you have to give up work.

Did you take out Critical Illness or Income Protection at the time of taking out your mortgage or at any other time? Does your employer have an income protection policy in place for you?

zhola

Thank you that takes a weight off my mind.

I dont have the protections but with insurances im sure they would find a loop hole to not pay (my bad opinion of insurance is why i didnt take them out when i bought my house)

Sadly my employer doesnt have income protection either.

ACG

I used to work for a life office, they pay out typically around 90-95% of claims... having worked for a life office i have seen a claim come in on life insurance for a broken arm - that then goes against their claim statistics.

http://www.friendslife.co.uk/doclib/Critical_Illness_Claim_Statistics1.pdf
http://www.friendslife.com/media/news/03-May-2013-Friends-Life-discloses-income-protection-claims-figures-and-calls-for-consensus-on-disclosure.jsp

I dont want to rub anything in, but the links above are evidence protection does pay out and hopefully others will see that it is important to atleast look at these types of policies.