Mortgage application & sickness

PizzaPizzaPizza

Hi all, hope this is in the right place!

My partner and I are looking into moving house hopefully late this year or early next year.
I am 27 and my other half is 35, both work full time and have been paying off our current mortgage for the last 4 years with no issues, unfortunately I have been off work sick for the past six months due to cancer diagnosis and treatment, the only money I am currently receiving is Statutory sick pay which is shown on my payslips.
We have manged to keep our heads just above water and have paid all bills etc on time and the only money we owe is the mortgage.

I still have my job and everything is on the up now as I have finished the main part of my treatment and can return to work soon (hopefully around march/april).

I would just like to know how this would affect a mortgage application, I know from when we bought this house I had to submit payslips for them to look at so they wouldn't look too appealing to the bank at the mo lol

Any advice would be welcome

MortgageMamma

Have you had any late mortgage payments? how did you pay the mortgage was it via an income protection policy or did you do it out of your own funds. What is your relationship with your current lender?

All this things are factors in you future success. If your relationship is good with your current lender and you've not missed any payments I would speak to them first. A good mortgage broker would be able to tell you how many months payslips a new lender may want to see.

This must have been a very stressful time for you, I hope you fully recover soon.

kind regards

MM

PizzaPizzaPizza

Hi thanks for your reply.
We paid it out of our own funds, we had a little in savings and my other halfs wages, weve paid the mortgage on time every month since we got the house with no issues.

It's been super stressful lol not what you expect to be dealing with at 27 but coming out the other side now thank you

MortgageMamma

PizzaPizzaPizza wrote: »

Hi thanks for your reply.
We paid it out of our own funds, we had a little in savings and my other halfs wages, weve paid the mortgage on time every month since we got the house with no issues.

It's been super stressful lol not what you expect to be dealing with at 27 but coming out the other side now thank you

I know what you mean, I was diagnosed with something that kept m out of work for 8 years when I was 33. It really throws you into turmoil doesn't it.

Its good you haven't had any missed or late payments, it puts you in good stead with any lender really. What about your other financial commitments have you made any late/missed payments on those? Will this years P60 be dramatically different as I know some employers pay full sick pay for a while.

My initial thought is that you may need 6 months on full pay before you apply for another mortgage, but much of it depends on affordability in the first place. You most certainly need some professional advice, preferably speak to your existing lender, see what they say, and then speak to a whole of market mortgage advisor.

PizzaPizzaPizza

Wow 8 years...I've been going mad after 6 months...it will be nice to get back to "normal". Hopefully things are better for you now

We've paid all our other bills such as electric, phones, council tax etc on time.
I got 3 weeks full pay from work and have just been on SSP since, I did think that perhaps I would have to do maybe 6 months or so full time before they would even look at offering us anything...I am going to be doing a phased return so less hours to start and building back up to what I was doing before...so may have to postpone search for a while.

Thank you for your advice we will definately speak to an advisor!