Getting a mortgage

Mental Mickey

Hi all

Hope someone can help me with this?

How easy/difficult is it to get a mortgage as a person with a disability?

Both myself and my fiancée have disabilities, and we are looking at buying together???

She currently owns a one bed apartment but is in serious negative equity.

Would I be too old to apply for one? I'm in my early 40s

I presume the usual rules apply.
max 3.5 times income
20 % deposit as not a first time buyer
proven repayment ability
repayment before retirement

The existing mortgage and negative equity will be a problem.
You might be better off applying on your own before you get married.

Mental Mickey

[Deleted User] wrote: »

I presume the usual rules apply.
max 3.5 times income
20 % deposit as not a first time buyer
proven repayment ability
repayment before retirement

The existing mortgage and negative equity will be a problem.
You might be better off applying on your own before you get married.

But we want to live together? Do you mean I should apply for it in my own right even though we will be living together?

Mental Mickey

........plus her Dad had to go guarantor with her on her mortgage cos she couldn't get mortgage protection

I would get some professional advice - I don't know your situations

Kristopherus

Deleted User wrote: »

I would get some professional advice - I don't know your situations

And try MABS first, as they are free. They may not be able to offer a whole lot, but they would certainly point you to other sources for advice & guidence. If you want/are living together, then your disability payments are likely to be cut.

Mental Mickey

Kristopherus wrote: »

And try MABS first, as they are free. They may not be able to offer a whole lot, but they would certainly point you to other sources for advice & guidence. If you want/are living together, then your disability payments are likely to be cut.

We both work full-time. Neither of us get any social welfare payments

CiDeRmAn

I imagine the one thing that could be a hiccup might be the provision of life assurance for the duration of the mortgage and how your disabilities might affect that, without getting too personal.
If that is an issue and you can't get life assurance then the bank is unlikely to issue a mortgage...
As said, I would discuss it with a financial adviser who can make the calls, Citizens Advice may have help around your rights, if refused anything on the basis of disability as this may certainly be discrimination and so prohibited.

RainyDay

CiDeRmAn wrote: »

I imagine the one thing that could be a hiccup might be the provision of life assurance for the duration of the mortgage and how your disabilities might affect that, without getting too personal.
If that is an issue and you can't get life assurance then the bank is unlikely to issue a mortgage....

Isn't there a scheme where if insurance is declined by three insurers, the bank is obliged to issue the mortgage ?

http://www.askaboutmoney.com/threads/what-happens-to-your-mortgage-application-if-you-get-declined-for-life-insurance.178940/

CiDeRmAn

RainyDay wrote: »

Isn't there a scheme where if insurance is declined by three insurers, the bank is obliged to issue the mortgage ?

http://www.askaboutmoney.com/threads/what-happens-to-your-mortgage-application-if-you-get-declined-for-life-insurance.178940/

There you go.
Lots to said about consulting experts!

Balmed Out

Deleted User wrote: »

I presume the usual rules apply.
max 3.5 times income
20 % deposit as not a first time buyer
proven repayment ability
repayment before retirement

The existing mortgage and negative equity will be a problem.
You might be better off applying on your own before you get married.

Depending on the maths there's a very good chance of not being able to get a mortgage once married, get professional advice now.