J jim Registered User Messages 863 2 Oct 2021 #1 Hi, Appreciating there are many other factors considered as part of a mortgage application, is it possible to be successfull with an application if primary income source is from income protection? Thanks.
Hi, Appreciating there are many other factors considered as part of a mortgage application, is it possible to be successfull with an application if primary income source is from income protection? Thanks.
D Dave Vanian Registered User Messages 1,309 6 Oct 2021 #2 I've never tried but my gut says no. Relevant questions that pop into my head... How likely will it be that the illness (and the Income Protection) will continue for the duration of the mortgage? If it's not a permanent illness, is there a job to go back to? Will the illness affect the person's ability to get Mortgage Protection life insurance? As a general rule, lenders shy away from anything "non-standard" like this, even if a strong argument can be made. I wouldn't be hopeful... Last edited: 6 Oct 2021
I've never tried but my gut says no. Relevant questions that pop into my head... How likely will it be that the illness (and the Income Protection) will continue for the duration of the mortgage? If it's not a permanent illness, is there a job to go back to? Will the illness affect the person's ability to get Mortgage Protection life insurance? As a general rule, lenders shy away from anything "non-standard" like this, even if a strong argument can be made. I wouldn't be hopeful...