Last reply 8 months ago
Money worries

So ms comes along before I’ve bought my first home: when not working or insured at the time due to health reasons, and therefore no critical health cover.

So now I’m faced with a pressure of not knowing how long illl be able to cope with working, long term. Can’t get insurance for mortgage cover in the event things get too bad.

So it’s like, do I rent forever, or take the risk? At some point?

I guess this is more a rant than anything.

Anyone else feel in the same situation?

I know life is uncertain and those who don’t have MS have similar issues. It’s just so frustrating that things feel amplified by not being able to be covered by insurance etc…

Rant over ☺️

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8 months ago

@keepupthefight , yes, Critical Health Cover would be cost-prohibitive, although standard life cover/mortgage protection may still be possible, at a slight premium.

I realise that getting on the Housing Ladder is very difficult these days, but it is the ambition of most of us. It’s an investment for the future, compared to renting, which is just money spent.

So, is it a risk? What’s the worst that could happen? You may need to sell the place at some stage, if you’re unable to maintain the mortgage payments. Would you be in a worse situation if you didn’t own your own place?

Back in the early 90’s, I was considering a rather expensive loft conversion and my job was looking uncertain. We decided to continue on the basis that there would always be a reason to postpone.

A few years later, I got my diagnosis. Yes, there were the initial fears that we would lose everything. A further 10 years down the road and I was taking early retirement and clearing the remainder of the mortgage.

So, in summary, you’ll always find a reason to avoid a risk. But, you should never give up on your dreams and aspirations.

8 months ago

I had my first scare not long before taking on my first mortgage, but what was I going to do? Renting was prohibitively expensive here in London. I couldn’t keep living like a student in a shared flat.

Because I had been to hospital within the past year I had trouble getting income protection insurance but I still managed to get insurance that would cover me for a year out of work.

At the end of the day you need a roof over your head. It feels like a huge risk to buy a property but when you spend your first night there you will absolutely know it was worth all the stress.

(though on that note do everything you can to minimise the stress. I have no idea how I avoided a relapse when I bought my flat)

8 months ago

I’d say go for it. You job situation shouldn’t change. The law has, and if you are employed you should have no problem staying with the same firm, they are legally obliged to make ‘reasonable changes’ to accommodate you. If you can afford it, go. for a 2 bedroomed, then if push came to shove in the future, you can rent out the room (these days you can let out a room and make £7500pa without informing the taxman) to pay the mortgage. There’s ways round everything. Don’t let your ms define who you are or what you do. Good luck😍

8 months ago

Sorry for the late reply, but thanks for your great advice @stumber @grandma @fingerandtoes

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