Forum

MS and Mortgage/Insurance

Hi all,

After having 'Probable MS' for about five years I was recently diagnosed with RRMS.  Do any of you know if having an official diagnosis will affect my chances of getting a mortgage? I'm also thinking that any insurance I take out will be astronomical ...?

Any advice would be greatly received!

Stacey.

Dear Stacey

Fear not. Your success when applying for a mortgage depends entirely on your ability to repay it.

I can only speak personally about insurance. My own insurance is not astronomical at all, and covers me in the usual way with the exception of ms issues.

Mark

Hi Stacey. I don’t see why having a diagnosis would mean you couldn’t get a mtge. And it will probably affect insurance. I would be surprised if anyone would take u on critical illness wise. Life insurance is likely to be medically rated. It might be worth investigating if the ms society recommend a company :slight_smile: good luck, Suz xx

I would imagine a mortage lender would be nervous about giving you a mortgage if your ability to work is dependent on you repaying said mortage for the next 20+ years.

I honestly don't know, I'm just thinking from their point of view, if they had to reclaim the money, it would be ugly for them to attempt to evict you if you are registered disabled.

Just to point out that it’s not a question on any mtge application form I’ve ever seen. I’m pretty sure it could be classed as discrimination if they did. A diagnosis of MS doesn’t mean you won’t be working in 20 years. Suz xx

As has already been said, it would be discriminatory to refuse the loan on grounds of MS.

But, to put it in context, it's you, the borrower, who would be taking the risk.

The whole point of a mortgage is it's secured on the property, so that if you default, the lender can repossess it to recoup their money.

You will not be granted mortgage/income protection insurance for MS, or any condition arising from it, although it will probably still be possible to insure against other unrelated health issues.

So that would mean if you did become unable to work through MS, it would be a risk you'd opted to take, and you wouldn't be able to claim on insurance.  If you were unfortunate enough to have to stop work from an unconnected illness (e.g. cancer), you'd be able to claim in the normal way - but they'd need to be very sure the "other" illness was the real cause of your stopping work, and that it had nothing to do with your MS.

Tina

Getting a mortgage is not affected by any disability or medical issues. It's nothing to do with 'discrimination', it's purely risk. A mortgage is granted with the property as security, therefore the lender will always get their money back whatever happens. Either you pay it or the property is sold. This is why they only ever lend a certain percentage of the value - it's calculated for the lender to make money not make a loss.

Insurances are of course a different matter and you will have to shop around and get advice depending on your situation.

I agree with what everyone has said.

I got a mortgage after dx with no problem at all. They didn’t ask and I didn’t tell. The lender does not have a crystal ball and does not attempt to look into the future -  they base the decision on a snapshot of your capacity to pay at the moment that you apply.  In today’s climate everyone is vulnerable and even the healthy are finding themselves out of work. There is little risk to the lender – they will just reposses your house if you don’t pay.

Insurance will be more expensive but not impossible. I got life insurance with MS but didn’t try for critical illness because I was already retired and did not need to protect my income.

 

Jane

Thanks everyone, you've answered my question. 

I think that the chances of me being able to buy my own home have now gone out the window ...  letdown