Getting a mortgage with long-term illness

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Buckyodee

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Hello,

I'm thinking about looking into getting a mortgage, however, my wife has a long term mental illness ( bipolar 1). She's on medication but has been well for the past few years thank God, but she has had prolonged, spectacular episodes in the past. Will this affect our ability to get a mortgage? I'm assuming yes, especially when it comes to getting mortgage protection insurance. Any advice appreciated
 
Your best strategy would be to approach a broker.

But ask the broker to sound out the insurance companies first if they would provide cover and if so, how much it would be.

The lenders can waive the requirement for mortgage protection if it's too expensive, but they don't like doing that. I suspect that they would only consider it where your salary was the main source for paying the mortgage.

Brendan
 
Brendan Burgess said:
Your best strategy would be to approach a broker.

But ask the broker to sound out the insurance companies first if they would provide cover and if so, how much it would be.

The lenders can waive the requirement for mortgage protection if it's too expensive, but they don't like doing that. I suspect that they would only consider it where your salary was the main source for paying the mortgage.

Brendan
Click to expand...
Thanks a lot for that Brendan. I'll sound out a broker and see how it goes.
 
Buckyodee said:
Hello,

I'm thinking about looking into getting a mortgage, however, my wife has a long term mental illness ( bipolar 1). She's on medication but has been well for the past few years thank God, but she has had prolonged, spectacular episodes in the past. Will this affect our ability to get a mortgage? I'm assuming yes, especially when it comes to getting mortgage protection insurance. Any advice appreciated
Click to expand...

You mention 'a few years'. Do you actually need to mention the illness to the bank at all. As regards life insurance, that requirement can be waived. By the bank. At the end of the day from the banks perspective it's important that you can service a mortgage.

Generally the forms ask for current illnesses, but maybe there is a question on are you taking any medication.

We had an issue and the insurance company sent us off to be medically assessed (full medical) and then it was fine.
 
Bronte said:
You mention 'a few years'. Do you actually need to mention the illness to the bank at all. As regards life insurance, that requirement can be waived. By the bank. At the end of the day from the banks perspective it's important that you can service a mortgage.

Generally the forms ask for current illnesses, but maybe there is a question on are you taking any medication.

We had an issue and the insurance company sent us off to be medically assessed (full medical) and then it was fine.
Click to expand...
Yeah I definitely need to do some more investigation. Thank you for replying and the advice.
 
Bronte said:
Generally the forms ask for current illnesses, but maybe there is a question on are you taking any medication.
Click to expand...
There is not a hope of not mentioning something like this, generally forms ask have you consulted a doc within last 5 yrs (at least), added to that the question about medications and definitely you will be looking at having a report requested from doc at minimum. However that is not to say the OPs partner will not get cover, or get it at additional premium, or worst case scenario get a waiver from the lender.
 
Thanks for all replies. Not as depressing as I thought it might be, but I need to talk to some people to get clarification.
 
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