Moving House/Cancer /Mortgage

[Mark_jmc]

Hi All
My wife and I are moving back to our native Cork!
We will be selling our house in Limerick and purchasing a house in Cork.
Our current mortgage balance is circa €255,000 with 17 years left to pay. Our house is valued at €360,000 so we are hoping to clear €100k on the sale. We are looking at houses around the €350k-€400k mark in cork which would leave us requiring a mortgage of around €250k- €300k.
Unfortunately last year I was diagnosed with cancer, had surgery and a number of chemo sessions. I am now in complete remission but have 4 years left in a 5 year surveillance programme. I have a question around this:

• Will this previous cancer affect me in getting a mortgage- we want to change mortgage providers as we would be able to get a better deal elsewhere. Our mortgage protection company are aware of my previous illness and have adjusted our premiums etc.

We are both 38 and in permanent employment. My salary is €55k, my wife's salary is €76k with approx €10k annual bonus on top of this. We do not have any children. We do not have any other significant debts other than car loan €400 per month.

I would appreciate if anyone has any thoughts on this- if there is any other relevant info I should post let me know,
any thanks,
Mark

 

[44brendan]

Good to know that you are back in full health.
Cancer issue should not affect your mortgage application. It will likely effect your ability to get new life cover. However most banks should agree to a waiver here where cover can be taken out on your wife only. Talk to your existing mortgage provider to see what they can offer you!

 

[Mark_jmc]

Good to know that you are back in full health.
Cancer issue should not affect your mortgage application. It will likely effect your ability to get new life cover. However most banks should agree to a waiver here where cover can be taken out on your wife only. Talk to your existing mortgage provider to see what they can offer you!

thanks Brendan

 

[Bronte]

You have my sympathies for your predicament. Once we had a health issue and it caused us no end of bother with getting life cover. As you've been told normally banks will in these circumstances waive the requirement. Looking back I think I may have approached this differently.

Don't cancel your current insurance until you are full sure you have new insurance or that you don't need it, or even just keep it.

 

[Mark_jmc]

You have my sympathies for your predicament. Once we had a health issue and it caused us no end of bother with getting life cover. As you've been told normally banks will in these circumstances waive the requirement. Looking back I think I may have approached this differently.

Don't cancel your current insurance until you are full sure you have new insurance or that you don't need it, or even just keep it.

Thanks Bronte,
This may be a silly question but as my mortgage protection is not with the lender bank and they have already adjusted our premiums to allow for the illness would they just transfer the mortgage protection policy to the new mortgage (adjusting the premium to allow for a higher/lower new mortgage )?

 

[44brendan]

already adjusted our premiums to allow for the illness

How can they do this on an existing policy?? Did you adjust the policy following your illness?
Irrespective of who your policy is with you can retain this and use it to cover your new mortgage.

 

[Mark_jmc]

How can they do this on an existing policy?? Did you adjust the policy following your illness?
Irrespective of who your policy is with you can retain this and use it to cover your new mortgage.

Hi Brendan, I think I may have confused myself- there hasn't been a change to our premiums!
Thanks to all for your replies
Mark