First Time buyers

Hello half_of_me

Thank you for contacting us. I can understand your partner’s wish to buy a home and hope that this will soon become a reality for you both.

You already appreciate that getting life cover is likely to be problematic and indeed may not be possible at all with a Stage 4 diagnosis. However, having cover for a mortgage is no longer an essential requirement of a mortgage.

A lender will need to check your credit history, whether it is affordable for you and what your income is. They may ask whether there is any life cover in place and may recommend that you have cover for the whole amount you wish to borrow. However, you could tell them truthfully that you already have cover and the lender will accept this answer.

As you both have full time incomes, you would need to consider whether you could manage the mortgage on your own if your partner is unable to work or unfortunately dies.

It’s best to either shop around and apply directly to a mortgage lender, or speak to an independent mortgage adviser. An independent mortgage adviser will be able to search the whole mortgage market and give advice on the mortgage that best suits your needs. Check with family and friends to see if they can recommend an independent mortgage adviser. Or visit http://www.thepfs.org/yourmoney/find-an-adviser/ for details of local advisers.

When choosing a financial adviser, always check that they, and the company they work for, are authorised by the Financial Conduct Authority (FCA) to provide financial advice.

This information can be found on the FCA register:

www.fca.org.uk

To speak to the FCA directly, call 0800 111 6768 from 8am to 6pm, Monday to Friday (except public holidays), and from 9am to 1pm Saturdays.

Please be aware that, if an unregulated firm (or individual) is used, there may be no protection from the Financial Ombudsman Service or Financial Services Compensation Scheme if things go wrong.

I hope this information is reassuring and wish you both all the best with getting your own home. Please  feel free to call the Financial Guides if you need further support on 0808 808 0000. Or you could message us again on here, or speak to us on webchat by clicking ‘Chat to Us’ at the bottom right of the screen. We’d be happy to hear from you.

Kind regards.

Julia

Financial Guide

Remember you can also speak with the Macmillan Support Line team of experts. Phone free on 0808 808 0000 (7 days a week, 8am-8pm) or by email.

The Financial Guidance Service will not advise you on the merits of buying, selling or cancelling or making a claim on a specific financial product from any company or otherwise provide you with any regulated services . As a guidance service, we do not provide financial advice or carry on other activities that are regulated and we are not authorised or regulated by the Financial Conduct Authority. No part of our service constitutes, nor is intended to constitute, a financial promotion within the meaning of the Financial Services and Markets Act 2000 nor an invitation or inducement to engage in investment activity. 

The aim of the Financial Guidance Service is to provide you with information to help you make informed decisions about your personal finances. For financial advice, including recommendations to buy, sell, cancel or make a claim on specific financial products or to obtain any other type of financial services, you should speak to a financial adviser or company who is permitted to provide you with those services. You can find a local financial advice firm or other type of firm who provides regulated services on the Financial Conduct Authority's website - https://register.fca.org.uk/directory/s/.

The information that we provide you is for general guidance on your rights and responsibilities and is not legal advice. We are not liable to you for any information or services obtained by you from, or given to you by, a third party.

If you need more details on your rights, please contact a financial, legal or other appropriate adviser.