could I still apply for a mortgage while off sick and having treatment?
could I still apply for a mortgage while off sick and having treatment?
Thanks for your question Shez77 .
You can still apply for a mortgage and normally, lenders won’t ask about your health during the process. However, if you are off sick from work then your payslips may reflect this and they might ask when you’re planning to return.
Mortgage lenders must lend responsibly. This means they’ll consider if you can afford to pay the monthly mortgage payments. For this reason, they’ll usually do an affordability assessment and credit check and if your wages have reduced because you’re unable to work then it could affect the amount you can borrow.
To get an idea of how much can be borrowed, visit the mortgage calculator tool on the MoneyHelper website here.
During the application process, a mortgage adviser may mention policies designed to protect the mortgage (such as life and critical illness insurance). This type of cover will need to be medically underwritten, so it’s important to mention any health conditions if making an application.
Medical conditions like cancer may affect your ability to get this cover. But it’s not essential to take out life insurance with a mortgage, and there’s no requirement to discuss it with the mortgage adviser. If you decide to take out a mortgage without having any life cover in place, it’s important to consider how family members would cope financially on the event of death or inability to work due to illness.
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 that person’s needs. Check with family and friends to see if they can recommend an independent mortgage adviser. Or visit this page 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
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.
Kind regards,
James
Financial Guide
