Do you need a medical for a mortgage?
Some of our customers ask us whether they would be required to have a medical for a mortgage or will lenders ask about health.
This is a genuine concern for many and especially for those who have some sort of long term illness or pre-existing medical condition. There are literally millions of people living in the UK who have been diagnosed with a chronic medical condition or who have suffered an acute medical episode.
The simple answer is ‘NO’ and a lender will not ask any medical questions or request for you to have a medical for your mortgage application.
People who have been diagnosed with a chronic medical condition should be considering life insurance to protect their mortgage. It is important in this situation to speak to a medical conditions specialist who knows how to help you.
We have partnered with iam|INSURED for this and they are the UK’s #1 experts for pre-existing medical conditions life insurance.
For more information about getting medical life insurance CLICK HERE.
Can you still get a mortgage with a medical condition?
It is common for people to be worried about their financial situation, especially for those with medical issues.
There can be serious worry that your medical history could impact the ability to buy a home. This is especially true if a first time buyer or you had no medical conditions when last purchasing a property.
One of the main reasons why this may be a concern when you apply for a mortgage is your income, or your ability to work.
Some of the areas where we specialise in helping people with medical conditions to find a mortgage include:
- Benefit income
- Sick pay
People living with certain medical conditions might not have the same capacity to work as others.
It’s important for you to have the right information and support to get the best mortgage deal based on your circumstances. If worried, it is best to speak to mortgage broker or specialist for help and advice.
Our team of fully qualified experts will help you to find the right lender for you based on your situation.
Can I get a mortgage with ill health?
One of the main things to think about here is whether you can afford your mortgage payments based on your health.
It is not possible for a lender to refuse your mortgage application because of your health, however, they may refuse based on affordability. You need to ensure you will always have enough available funds to cover your mortgage repayments every month.
Your mortgage application will be assessed based on your needs and circumstances at the time, which is primarily based on income and expenditure.
For a lender to assess your suitability, they will look at how much you earn and how much you spend every month.
If you fit within the lending criteria then you should be able to get a mortgage against a new or existing property. The type of mortgage applied for should generally not affect this.
Our team of experts can help you to find the right lender and deal that fits your affordability situation. We will be able to offer you expert mortgage advice. It is a good idea to be fully informed before making any decisions.
We specialise in helping those with complex or difficult incomes to make sure that they get the loan amount that they need.
About essential MORTGAGES
We are specialists in all types of mortgages and have over 20 years worth of expertise in pairing buyers with great mortgage deals. Our experts have access to over 50 top UK lenders and so can compare hundreds of great deals across the market.
We are passionate about helping buyers find their best possible mortgage deals and rates. Speak to our team of independent mortgage specialists for expert help and support with your property purchase or remortgage deal.