Hi Ladies, I just want to pick someones brain if I may. My dad has recently died and I am living at his house. The house will be sold and the money will be divided between my sister and I. I will then need to find somewhere to live. I do live in an expensive area and may need a small mortage (up to £50,000). If someone has had BC does this completely rule them out of getting a mortgage completely? I wonder if anyone had been through this problem. I have finished treatment and other than the bc I have had, I am in good health and 39 years old.
Thanks
Sorry to hear about your recent bereavement. It is difficult to advise you without knowing more details of your circumstance, but there are no hard and fast rules on whether you can get a mortgage or life assurance. Cancer backup has the following advice on its website. I hope it is of some help to you.
Best wishes
Ann
'Mortgages, pensions and life assurance
It is sometimes difficult for people to obtain life assurance, a pension or a mortgage after a diagnosis of cancer.
Some financial services companies offer life assurance policies, mortgages and/or other financial services to people with cancer. Each company will look at the person’s situation (the type of cancer you have and the length of time since completing treatment) and may need to discuss your circumstances with your doctor before deciding whether to offer you a policy. The company can only advise on its own policies. You may be charged a higher premium than usual for a policy and most companies will not offer policies until two to three years after you have finished treatment.
As companies have different charges and conditions for their services, it may be helpful to contact an independent financial adviser (IFA). IFAs can contact several life assurance companies or mortgage lenders on your behalf. IFAs offer independent advice and can let you know which companies offer the best terms for your individual situation. IFAs may charge a fee for their initial search or take a commission when a policy or mortgage is arranged.’
I am a mortgage adviser (well, technically as I’ve been off sick since diagnosis in July 07) & the breast cancer shouldn’t be something that will prevent you getting a mortgage. Generally speaking what should happen is that when you make an enquiry about how much you can borrow etc, all your details like income, length of time in work/current house etc , etc will be assessed & a credit check & score done. This will determine the amount you can borrow. The problem you will probably have is being able to get life, critical illness or protection insurance - it will more than likely be refused or the premium very heavily loaded but that is down to the policy underwriters. Make sure you go to a regulated firm.
Hope this helps - it’s as much as I can say without breaking regulations !
Lizcat is right, I’m also Independant mortgage adviser (diagnosed 8 weeks ago) and the BC will have no affect on you obtaining mortgage. Ref life and critical illness cover etc, the further away you are from end of treatment, with no repercussions, the easier it will be to find cover, however, go to an Independant Financial Adviser as different companies have different criteria, and whilst they may not cover you for cancer, there are lots of other illnesses which can be covered so worth finding out.