Mortgage chances with potential poor health?

Lungboy

My wife and I are starting to seriously look at buying a house due to the recent birth of our 1st child and the serious lack of space we have where we currently live. I'm 36 and have Cystic Fibrosis. I've always assumed it would be impossible for me to get a mortgage due to my CF, but is that the case? What kind of health questions do they ask? My health is currently pretty good, I work full time and am the main wage earner in the house. However, CF can deteriorate rapidly and unexpectedly. Also, life insurance wouldn't be possible, does that matter?

Thrugelmir

You need to consider your family as well. As it they who will have to deal with the issues longer term.

Lungboy

Consider them in what way? My wife also works full time (once she goes back from Mat Leave), and would be able to cover the mortgage herself without my wage.

Yorkie1

I do not recall being asked about any health issues when applying for my mortgage; the lender is concerned about your financial situation.

As others have pointed out, the wider question is whether your wife would be able to support your family and keep working, whilst still paying off the mortage if you were no longer able to bring a wage in.

Lungboy

Thanks. I'd assumed that they would consider long term health an intrinsic part of a person's financial situation. Good to hear it probably isn't.

libf

Are you sure that you can't get life insurance? It would be worth looking into, because even if the premiums are quite high it would give your wife and kids a little more security going forward. Speaking with an insurance specialist would be a very good idea.

Just applied to Nationwide and there were no health related questions at all in the mortgage application.

Lungboy

I checked last year for life insurance. I could only find one company that looked like they might offer cover, but it ended at 40 years old and had to be in place by 30 years old. It's definitely something I'd check again though, just to be sure

Thrugelmir

Lungboy wrote: »

Consider them in what way? My wife also works full time (once she goes back from Mat Leave), and would be able to cover the mortgage herself without my wage.

Then your health would not be an issue. I presumed the question you asked was that the mortgage wouldn't have been affordable. Don't base affordability on the current level of interest rates though.

Lungboy

Thrugelmir wrote: »

Then your health would not be an issue. I presumed the question you asked was that the mortgage wouldn't have been affordable. Don't base affordability on the current level of interest rates though.

No, my main worry was not even being considered by lenders for a mortgage, rather than it being unaffordable. We're not looking at a massive amount (~£100k, maybe less) with a £30k deposit, which looks to be affordable even at 6 or 7%, according to the MSE calculator.

kingstreet

Although you won't be asked direct health questions, post-MMR you will be asked if you see anything changing in future which may affect your ability to make the mortgage repayments.

You would need to consider how you could answer this question.

Lungboy

To quote you from another thread kingstreet, that's crystal ball time. With the swathe of new treatments coming on to the market at the moment and in the near future, I could easily see myself still being in this job in 25 years.