Desperate mortgage advise

capstain411

Dear all,

I have a very close friend who has been diagnosed with cancer. Too early as the diagnosis was confirmed just on Tuesday.

The main issue he is facing is he has got no mortgage protection. £165k outstanding on 300k house.

His initial attempts to get insurance were rejected due to blood pressure at a very young age.

The irony is he is a very health conscious GP.

I am unsure on what we can do at this point. Selling house is probably not an option.

minimike2

He will need to work with the lender to come to some kind of arrangement.

Ultimately it will come down to how long his income /savings will last to enable him to cover the mortgage payments - The lender will expect payments to be made in line with the contract for as long as his finances allow it. Hopefully that might be long enough to cover the time he is unable to work during treatment etc and fingers crossed that will be successful and he will be able to return to work.

If it gets to the point he is unable to and an arrangement can't be made, then ultimately selling the house might not be a choice which is in his hands to make I'm afraid, as the the lender has the right to repossess. It hopefully shouldn't get to that stage though as long as he keeps the lender informed and engaged as his situation evolves.

ACG

I would probably speak to the lender as soon as possible. Ask about reduced payments/interest only and that could well preserve any savings he/she has that little bit longer.

It is too early to say what can or should be done. Obviously stressing about a mortgage and bills is the last thing he needs if it is serious and as heart breaking as it may be, selling up may be the better option. If it can be treated then it could be a short term issue and he is back to work in 6 months.

Bare in mind, anything less than the full payment will mean they go in to arrears, but again in the grand scheme of things it is not really an issue when dealing with cancer.

It is a little late now and this is more for anyone reading this thread but there are brokers out there who specialise in obtaining terms for those with less than perfect medicla histories. Some cover is better than non as they say and he could have been covered for everything bar illnesses related to high blood pressure.

I really wish your friend the best of luck and its good to see someone is looking out for them.

capstain411

Knowing this situation will lender allow him to sell the house.

He is a GP and judging by him talking about the worst does not instil me with too much confidence. Whether it is his prognosis or pessimism when such a life changing event interjects life..I am not sure.

I would be very grateful if your have any more advise. I guess the options currently are

1) chaning mortgage to interest only.
2) is there a option of repayment holiday.
3) what about any state benefit or financial product ....not sure whether there is any...surely there must be something from McMillan or Cuk.
4) two young children under 5. Any investment to help them financially down the line.

amnblog

Is there no life insurance either.

AnotherJoe

No insurance via his work?

silvercar

As it happens I have a friend who is a GP and recently finished a 4 month course of chemo. The practice had insurance that covered the practice employing locums to cover all the shifts after the first 3 weeks. There was no loss of income.

Being a GP means no patient contact during chemo to avoid germs during treatment, I wish your friend all the best and GPs tend to be more gloomy than most because they see the patients that have less positive outcomes precisely because they are in the surgery more than those who respond well and don't need further care.

Xyzzy

I'm not sure who the lender is but Halifax have just launched specialist team to assist customers affected by cancer https://www.halifax.co.uk/helpcentre/customers-affected-by-cancer/