Mortgage with invalidity pension

Jea

I am in receipt of invalidity pension due to chronic
illness . My husband is a full time public servant (long serving) . We own our own home but would like to trade up as this home no longer suits our needs .

I have read on some mortgage brokers webpages that SW is not acceptable towards a mortgage . Does anyone have experience of this ?

The payment is not means tested however it is subjected to tax . It is a long standing payment as my condition is highly unlikely to change .

Sorry if the post is in the wrong forum , first time poster

Dempo1

Jea wrote: »

I am in receipt of invalidity pension due to chronic
illness . My husband is a full time public servant (long serving) . We own our own home but would like to trade up as this home no longer suits our needs .

I have read on some mortgage brokers webpages that SW is not acceptable towards a mortgage . Does anyone have experience of this ?

The payment is not means tested however it is subjected to tax . It is a long standing payment as my condition is highly unlikely to change .

Sorry if the post is in the wrong forum , first time poster

Sorry about your own circumstance, I'd have to say SW payment as a general rule would not be considered on an application but given you have an existing mortgage and your husband is in secure employment it would seem your situation would be viewed positively, particularly if you have good equity in your current home. My humble advice would be to speak off the record to a mortgage broker.

There is one thing however that you may not have considered and that is mortgage protection insurance and your long term illness. This may be a serious stumbling block in obtaining a new mortgage. As its a legal requirement, your illness would need to be disclosed and my concern would be how potential mortgage provider would view this from an insurance point of view. Just a humble opinion mind you.

Good luck but discrete enquires worth checking out.

Jea

Dempo1 wrote: »

Sorry about your own circumstance, I'd have to say SW payment as a general rule would not be considered on an application but given you have an existing mortgage and your husband is in secure employment it would seem your situation would be viewed positively, particularly if you have good equity in your current home. My humble advice would be to speak off the record to a mortgage broker.

There is one thing however that you may not have considered and that is mortgage protection insurance and your long term illness. This may be a serious stumbling block in obtaining a new mortgage. As its a legal requirement, your illness would need to be disclosed and my concern would be how potential mortgage provider would view this from an insurance point of view. Just a humble opinion mind you.

Good luck but discrete enquires worth checking out.


Thanks for your help . I never considered the mortgage protection issue . My husband has a medical condition that he has to disclose and is loaded on any policies we have for same .

Maybe he would be better off applying alone, he secured our current mortgage before we met. Yes we have good equity . I will take your advice and enquiry informally . Thanks again

Dempo1

Jea wrote: »

Dempo1 wrote: »

Sorry about your own circumstance, I'd have to say SW payment as a general rule would not be considered on an application but given you have an existing mortgage and your husband is in secure employment it would seem your situation would be viewed positively, particularly if you have good equity in your current home. My humble advice would be to speak off the record to a mortgage broker.

There is one thing however that you may not have considered and that is mortgage protection insurance and your long term illness. This may be a serious stumbling block in obtaining a new mortgage. As its a legal requirement, your illness would need to be disclosed and my concern would be how potential mortgage provider would view this from an insurance point of view. Just a humble opinion mind you.

Good luck but discrete enquires worth checking out.


Thanks for your help . I never considered the mortgage protection issue . My husband has a medical condition that he has to disclose and is loaded on any policies we have for same .

Maybe he would be better off applying alone, he secured our current mortgage before we met. Yes we have good equity . I will take your advice and enquiry informally . Thanks again

Yes it's something many existing mortgage holders don't factor in if an illness has developed after an application has been approved and been in place. Obviously existing mortgage not an issue but a new one might raise some flags. I think fgiven existing mortgage in hubby's name, yes, that a good idea re him enquiring etc. Good luck, happy Christmas