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Advice needed on mortgage cover

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fuddster
Posts: 3
Joined: Tue Apr 10, 2018 2:06 pm

Advice needed on mortgage cover

Postby fuddster » Mon May 28, 2018 7:13 pm

Hi everyone. I'm considering buying my first home but have discovered that most mortgage insurance policies don't cover pre-existing conditions (mental or physical). Although I'm doing all I can to prevent a relapse of my own issues, life is unpredictable and I'd prefer a back up for peace of mind.
My question is, does anyone know of insurance policies that cover pre-existing medical conditions which cover mortgage repayments if you need time off work? My employer doesn't pay sick leave after the first few days of sick leave.
Any advice would be fantastic, thanks all :)

capitalt
Posts: 190
Joined: Fri Apr 27, 2018 4:22 pm

Re: Advice needed on mortgage cover

Postby capitalt » Tue May 29, 2018 9:45 am

I'm not sure there are any but it's probably worth seeing a mortgage broker or independent financial advisor.
I'm sure companies have to give statutory sick pay, it's not much but may help, best check with your manager, pay group, HR, etc.
MIND are a useful resource on things like this, or Citizens Advice Bureau.

It may help us if you could say where you're living now, renting, parents, etc.

Even if you rent you may have problems covering that.

Good luck

capitalt
Posts: 190
Joined: Fri Apr 27, 2018 4:22 pm

Re: Advice needed on mortgage cover

Postby capitalt » Tue May 29, 2018 9:56 am

Just looked it up on the gov.uk website.
SSP after 4 days, then for up to 28 weeks at £92 per week, then you can claim ESA, though best check company poor attendance process.
There are periods where you have to be fit before reclaiming, 8 weeks.
Hope this helps.


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