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Could I get a mortgage?

(13 Posts)
LimeJellyforBrains Sun 02-Mar-14 21:48:09

Hoping someone can help...

Does anyone know if I could or coudn't get a mortgage given the following factors:

- Age 51
- Grade 2 Breast cancer in 2010/11. No recurrence since end of treatment.
Only covered on stbx's life insurance, not likely to get insurance due to breast cancer? Doubt he ever told them about my cancer so could be invalid anyway. Not sure whether he could keep me on the policy once we're no longer married.
- Started part-time job last August (previously sahm)
- Current income consists of (low) wages, maintenance, CTC and just about to start getting WTC for getting over the 16 hour threshold.

That's all I can think of - is there anything else relevant?

Stbx wants to see proof of whether I could or couldn't get a mortgage (I've been saying highly unlikely).

Affordability is a different matter - have got some general online quotes for mortgages and specialist cancer mortgage protection insurance. But quotes for monthly amounts are no good if I just wouldn't be granted a mortgage anyway.

Hoping there are some mortgage experts out there, or could anyone suggest a specialist mortgage broker who could take the cancer into consideration?

Have tried googling, only getting vague advice about it being "difficult" or "more expensive" if you've had cancer. I need to know a straight Yes or No whether it's possible or not for divorce arguments negotiations.

Many thanks in advance.

LimeJellyforBrains Sun 02-Mar-14 21:52:54

Sorry, or would the fact I've only been working since August stop me from being able to get a mortgage?

AuditAngel Sun 02-Mar-14 21:54:23

You may find it harder to get an answer than previously as changes in the way IFAs are remunerated means no free consultations any more.

LimeJellyforBrains Sun 02-Mar-14 22:01:33

Oh right sad. Does that also cover mortgage brokers? I've not even been sure who to ask - IFA, mortgage broker or lenders directly.

Rockchick1984 Sun 02-Mar-14 22:39:32

The mortgage and insurances are two separate issues.

Yes you can get a mortgage despite having had cancer - you will only be able to get it up to your retirement age, so would be a shorter term. Affordability is the thing you need to be looking at for it, and also how much deposit you have?

The only insurance that a mortgage company can insist on you having is buildings insurance. Life insurance, critical illness cover etc are recommended but aren't a condition of the mortgage so if you can't get them (or don't want them) then that won't affect the likelyhood of the mortgage being approved.

I would initially go to your bank and ask them to look at the affordability on a mortgage, see what they would lend you. Even if their rates aren't the best it will give you a ball park figure of what to expect.

Rockchick1984 Sun 02-Mar-14 22:40:27

Oh, and as long as you're on a permanent contract then it doesn't matter that you have only been working since august smile

LimeJellyforBrains Sun 02-Mar-14 23:51:13

Thank you so much Rockchick.

So if I died the house would just be repossessed and the mortgage company gets their money back that way? Have 2 DSs, eldest will be 18 in four years so would rather they had the house, at least in trust.

Plenty of equity, although stbx is arguing against me having enough to buy outright. I was looking at a term of 15 years with a LTV of about 11-22% (best and worse case I think).

I did have a chat with my Bank manager a couple of months ago. She didn't think I could have a mortgage with them without protective insurance. She was supposed to check with their mortgage advisor but never got back to me. Will chase tomorrow (Court hearing on Wednesday).

I'm only on a casual hours contract so would that be a problem as well? Or indeed the nail in the coffin?

As far as I'm concerned the affordability thing makes it out of the question anyway, but as stbx has asked for proof I am supposed to try to get it.

Not sure if I want the answer to be Yes or No - the alternative could be him having a charge on my property and he is very controlling and EA so I really want to avoid that. Scared of getting a mortgage in case I get ill again though.

Rockchick1984 Mon 03-Mar-14 08:23:17

If you died, the mortgage would need to be repaid. This would be done either with any insurances you had taken, by the house being repossessed, or (if your son is in a position to get a mortgage by that stage for example) by someone taking on a mortgage to pay off whatever you owed on couldn't put it in trust without there being a way to repay the mortgage.

Realistically if you're on a fairly low income, renting may be the most practical solution - housing benefit would offer some assistance with your rent, and if you were unable to work in the future it would cover most / all of the rent for you. If you look on here you can find out how much help you would get towards a private rental in your area, and can put in different scenarios to see what would happen if you couldn't work any more.

Onesleeptillwembley Mon 03-Mar-14 08:28:00

Another important consideration that you haven't mentioned is your credit history.

Mum2Fergus Mon 03-Mar-14 10:15:28

Why does STBx want proof? What business is it of his?

Babyroobs Mon 03-Mar-14 13:44:08

I believe some mortgage providers will take beenfits ( tax credits etc) into account, but others may not. Also not sure if maintainence payments will be considered, how old are your children, presumably they will cease once they turn 19 at the latest? Do you have much of a deposit to put down?

yummystepford Mon 03-Mar-14 13:57:35

Visit a mortgage advisor. You only need 3 months payslips so it doesn't matter at all that you only started in August. You do however need to have paid off the mortgage before you hit retirement. If the mortgage term takes you past a set retirement age you need to confirm that you plan to retire at a different age or have retirement funds to cover this. A letter is usually enough. You do not need life insurance to have a mortgage. You can decline the advice of the advisor who will recommend it. You just need to sign something so the advisor can prove he did recommend it if he doesn't sell you any. You can simply say you are going to take out life insurance with a different company and you are already setting that up if you want to avoid a pushy sales pitch. Tax credits are often taken into consideration so that will all add to your affordability. I can't tell you if you would get a mortgage as it will depend on your affordability and credit rating, but hope that answers some questions? This was my job not too long ok so hope it makes sense to you

LimeJellyforBrains Mon 03-Mar-14 16:12:23

Ooh lots more replies, thank you all so much for taking the time thanks

Renting is very expensive round here, would be much more than even paying a mortgage.

Credit history is very good, never any problems.

Stbx wants proof as I have been saying I wouldn't be able to get a mortgage, therefore I need enough of the equity to be able to buy outright. Even though I am housing our two DSs (10 & 14), he is outraged at the idea of not having the same amount of equity and the same sized house as me...

Houses have gone up so much while we have been arguing (more than a year), that I think I will have to accept I will have to either move a few miles away to somewhere cheaper (leaving all friends behind sad), take on a mortgage, or accept a charge on my property.

I believe some lenders do accept tax credits and maintenance as income yes, but would hate to rely on the latter given Stbx's fuckwittery.

Would have a very big deposit - current house has lots of equity in it, but not enough to buy two smaller ones outright.

I would be happier to have some kind of insurance covering the mortgage in case the cancer comes back to get me. Looked at a specialist insurer online and came up with quotes for mortgage cover, basically >3x what it would be for someone who had not had cancer.

Of course what I am really hoping for is a lovely Judge to tell him he's being an idiot and I need to buy a house outright grin - Ex is a high earner.

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