Mortgage at 46 with type 1 diabetes

[Mirrorinthebathroom123]

NC but long time poster.

I’ve just inherited enough money to put a good deposit down on a house and with a small mortgage of 50,000 could afford a decent place. I don’t think I’ll get a mortgage though as I have T1 insulin dependent diabetes and am a supply teacher with an agency. I retrained as a teacher recently when the DC left home. I get regular work and can afford my rent (which is much higher than a mortgage would be).

Anyone know what my chances are of getting a mortgage? Any specialist brokers. Going to post this in health too.

Thanks all.

I am not a mortgage broker. I have type 1 diabetes and have had many mortgages in the last 30 years as have moved around a lot. I also used to be mortgage underwriter but many years ago. In my experience, lenders are not overly interested in your health, they will want to know if you have reliable income to pay mortgage. Being off work on long term sick would be of interest, purely because they would be assessing whether you can pay mortgage if unable to return to work. Remember like rent , if you are sick and cannot work, the mortgage needs paid.

However it can be wise to have life assurance or critical illness to pay off mortgage in the event of death or serious ill health. It can be harder and more expensive to get these if you are type 1 diabetic. Not impossible, it depends on age, weight, current health, if you have any other long term health conditions. I am type 1 diabetic, I tried to get life assurance during covid but was turned down, as I was deemed too high risk. I might get it now, but haven’t tried. I am also in my fifties with other health conditions, so it wasn’t a surprise!

Irregular and not guaranteed income is likely to be your biggest hurdle and previous debts are not looked on favourably.

You should consult a mortgage advisor to see which lender may consider an application. A high deposit is helpful as it deceases lenders risk. The fact you can pay your rent may not be relevant. Each lender has their own way of assessing affordability, ie what they will lend.

Thanks so much. Really helpful advice 🙏