mortgage or not?

Hi

Is it going to be difficult for me to get a mortgage? i had BC in 2008 and want my own place instead of renting. Would i be wasting my time?

xx

We talked to our financial advisor about it and he said “the mortgage isn’t a problem but life insurance is”. He said he would be able to find us a mortgage no problem but that he wouldn’t be able to get me life insurance so if I were to pass away my husband would have to take over the whole debt.

Good luck and I hope you get to buy your own place.

Jox

Hi

I was dx in feb 08.

Last august we took out a new mortgage no problem.

This year in may (which was 2 years from the end of rads) i was able to take out a life insurance policy from The Insurance Surgery with Friends Provident (still on tamoxifen and being seen every 3 months). This does however have increased premiums for the first 6 years, but worth it if you can, as my mortgage is now covered.

post deleted

Hi,

Getting a mortgage is based on things like your income/deposit/credit rating and so the bc can’t be held against you for that.

The ‘problem’ you will have will be the life cover as that involves health questions and you will have to declare the bc and, when asked, all details about diagnosis and treatment. You must be 100% honest about this as incorrect answers will invalidate the whole policy not just anything to do with bc. If you do find a company to cover you, they will probably either exclude bc and anything that can be vaguely linked to it and/or load the premiums and that can be by a lot.

Of course you can have a mortgage without the accompanying life cover which with a repayment mortgage isn’t compulsory. The drawback there is that if you were to die without any cover, the debt passes to beneficiaries like partner or kids and unless they had other means, they would have to either sell the property or take over the mortgage and that may be beyond their means.

Hope this helps and doesn’t sound patronising (I was a mortgage adviser for a major bank before bc put paid to that and I retired!)

Good luck with a property search !

Liz

Can I point out that if a person dies, thier debt- whether it be a mortgage or other type of credit- does not automatically pass to their beneficiaries (children or partner). It would pass to the mortgagee’s estate. The only way a debt becomes the responsibility of anyone else is if it was in joint names. If it is solely in your name, then without life cover or another means of paying it off the house would have to be sold. This applies to any other type of debt too. As I can’t get life cover, (as I’m only 4 years post diagnosis and no-one will consider me until I’m at least 5 years post) I checked out the financial situation with my solicitor so that my son and husband would be okay in the event of something happening to me and this is what she told me.
Geraldine