Buying House & Non Alcoholic Fatty Liver Disease

wasabiAAA

Hi guys, I'm a newbie here, so please be gentle. I'm in my 40s and been a renter from when I was young. I am thinking of getting my own house now. I was diagnosed to have a non alcoholic fatty liver disease. I was trying to get a life insurance but I was turned away by insurance companies that I approached because of this.

I've got some questions please:

1. Will I still have a chance to get a mortgage even with this medical condition? 

2. Do lenders require mortgage life insurance?

3. Do you know of any insurance companies that would consider someone with non alcoholic fatty liver?

Thanks for any advice.

csgohan4

1: Mortgage is based on financial affordability not medical background, of course if you have terminal illness, then that would matter
2: No, but recommended if you have dependents
3: get a whole of market broker, MSE does an article on life assurance

letsbetfair

You don't need life insurance to get a mortgage (I have a mortgage, but life insurance was too expensive for me due to health conditions). If you do want life insurance, though, speak to a couple of good brokers. Charities for particular diseases can sometimes recommend people.

I agree that life insurance is often important so your dependants are taken care of if you're hit by a bus. There can be other ways to address the risk, though (e.g. some work pensions pay out for 'death in service' or you could stick money each month in a contingency fund).

csgohan4

Non alcoholic fatty liver is more common than you think. Sadly insurers now a days have a lower risk appetite due to recent events. It will either be more expensive or no cover provided at all. 

I've seen people with a breast cancer history in remission, no change from their last life assurance issued 4 years ago, in terms of medical history, get declined for no logical reason or prohibitive premiums for the first 12 months. Clear insurers have changed the goal posts and it is within their rights to be fair. 

user1977

OP, do you have any dependants? If not then there's little point getting life insurance (and as above, it's a long time since lenders required you to get life insurance) - your mortgage will be paid off by your executors once they've sold the property.

You might want to consider other insurance if you want to cover the risk of no longer being able to work while still having a mortgage to pay, but you'd be better asking on the Insurance board.

lookstraightahead

I remember thinking you needed life insurance, you don't. I have it but my husband doesn't , although he's probably healthier than me but he has a diagnosis.

to be fair absolutely everything question is asked and I'm wondering how anyone meets the criteria nowadays.

our broker was brilliant.

what you do need is buildings insurance for a mortgage.

AnotherJoe

Op are you buying by yourself? It sounds like it. If so, then life insurance is not needed or even advised. 

User4search

My term life insurance was rejected but mortgage protection insurance was approved.  Let me kbowvif u need  my agent name ?

wasabiAAA

Hi everyone, thank you for your advice. Sorry, I should have included in my initial post that I have a teen-age child. I took note of all your helpful posts. Thank you all.