How can i protect my mortgage payments?

Persephone_Mulberry

My husband has been suffering from depression for a year and I think we are reaching a point where his job is severely at risk.
I have been looking into mortgage protection insurance but it seems this won't cover any pre existing illnesses.
Is there Anything else I can do to help us, or is it really just a matter of starting to investigate selling up and moving to a much cheaper part of the country so we can buy a cheaper house?

All help appreciated.

Westminster

Unfortunately, no insurance policy will pay out for something that already exists at time of application.

Persephone_Mulberry

I had a feeling that would be the reply. Oh dear.

k3lvc

Slightly harsh post but please take it in the right way. I'm male and have been in the position of your husband. We were already in the process of vacating London for a cheaper area/better quality of life but that didn't have an immediate impact on the depression.

The thing that kicked my !!!! was a letter from HR saying my sick pay would end (and an intimation that job couldn't be guaranteed).

Gave me a renewed impetus to find a solution - via a mix of changed medication, intense CBT and support from employer.

I became determined that I wouldn't be the source of us having to move from our preferred area/dream house.

A lot depends on cause for depression, support available (both employer/NHS/private medical) and husbands mindset

ACG

Here is one of the times something like PPI would have been handy - not perfect but it could have given you some breathing space. It could be worth seeing if you have any you were unaware of.

There are also state benefits and so it would be worth looking in to what is potentially available to you. But if you think it could be a long term thing it may be worth looking into more long term changes if money will become an issue.

Im not having a dig here as you are far from alone, but the time to take out Protection insurance is before you need it. I speak to a lot of people and it hard to emphasize the importance of it without coming across like a dodgy insurance salesman, but this does highlight why we talk about it.

Persephone_Mulberry

Totally appreciate how valuable insurance would be but much like the Spanish Inquisition, I suppose noone ever expects long term illness!

Thanks for the other advice - hb is on meds and has put in for a second round of cbt - he was a lot better in January which makes this all the more of an unpleasant surprise.