Mortgage and money advice?


#1

I read that self help strategies can be as important as medical treatment in terms of 'taking control' of my Parkinson's. Now I don't understand what this means in practice other than that it is clearly within my power to have control so I guess I had better admit at the outset that I am failing dismally.

In an attempt to 'take control' of my finances (and think I can safely say that it's going to be harder to be positive and in control when I am homeless) I have been trying to find information on mortgages  and Parkinson's  for some time with no joy at all.  Parkinson's UK referred  me to anybody but themselves  and everybody else referred me to Parkinson's UK or my bank / mortgage provider.
My mortgage predates my diagnosis  and is fine,  therefore,  as long as I can keep paying it and don't change it  but there are much better deals out there and I am paying way too much because I am scared to  discuss this with the bank for fear that they will penalise me  for having Parkinson's. Car insurance companies are allowed to do this as  are holiday insurance companies as is my employer so I don't really see why my mortgage company should be any different.  Once I share information  regarding my health  with a financial institution I think that it will be a matter of record which can be shared and I then suspect I may  find getting any sort of credit difficult  - but I don't know this because I can't find anybody to ask.  I also don't know if my current mortgage provider can discriminate against me and refuse to change my current deal or even worse - increase my interest payments - or if there's any chance of anybody else taking me on (though I seriously doubt this). The Money Advice Service  makes vague statements  but gives no actual advice (several signposts though)  and Citizens Advice suggested The Money Advice Service.  Other disability services referred me back to Parkinsons UK -  who don't give information and advice on financial issues (other than  advice regarding benefits).   I can, of course, loan some money to see a private  financial advisor (slightly ironic)  but I don't understand how  they will use my data or how to find one who  will actually be able to advise on this and won't just signpost me to somebody else who can't help.  I know that I need to re-try Citizens Advice but I'm going round in circles  in a very out of control fashion so would be seriously grateful for any advice at all.
J :(


#2

Hi Jackson

I have recently remortgaged to a better deal and a shorter term. At no point was I asked to declare any medical history, only employment details etc. so I don’t see why you need to say anything about your PD. As you say, car insurance is different, presumably because of the increased risk of an accident.

Hope that helps

JF


#3

Hi,

Yes and thank you. I'm worried they'll ask if I can think of any reason I may not be able to pay off the mortgage. I'm not good at avoiding questions and won't know what to say but if they aren't going to ask about health it's worth a try. Thanks again. J


#4

Any penalisation would breaks the disability discrimination act, and the press would have a field day


#5

Really struggling with this. We’re currently privately renting but desperately wanting to be in our own property. The housing register has very little to offer especially with my husband being given extra points for PD. He isn’t due to retire for another 15 years. He wants to get a mortgage with one of our children being the main borrower. Is there any hope? :frowning:


#6

Hi there,
I really do sympathise, it is such a difficult position to be in and unless you have enough money for private financial advice it is so hard to find information on this subject. I have been sign-posted just about everywhere but I am reluctant to speak to organisations that do not promise confidentiality because I suspect my chances of getting a loan or anything will diminish if my diagnosis is freely shared… of course I don’t know this because I can’t find any information that doesn’t have so many caveats that I don’t understand my actual position.

As far as I do understand it though, Parkinson’s UK’s legal people aren’t employed to give advice to people with Parkinson’s even in a general sense (and they couldn’t realistically offer individualised legal advice). I think they adopt a signposting stance but I’d love to be wrong. The money advice service actually suggested speaking to Parkinson’s UK (as did my union representative when I ran into trouble at work… :-S :-S)

I had a mortgage prior to my diagnosis but I did want to move. I haven’t been able to as this would involve getting a new mortgage and although I couldn’t afford individualised financial advice, the research that I have done suggests that I don’t have a hope in h*ll (due to being a single person with a diagnosis of Parkinson’s)

You are in a different position so there may be possibilities; it could be, however,that the only way you will find this out is by talking to a financial advisor, which would entail paying somebody, or chancing your luck at a bank or building society.

The one positive thing about finding out for sure what your options are is that even if you don’t like them, you know what you’re dealing with and can work out what you can do. Hmmmm, on re-reading this I’m hopeful that somebody who knows a lot more than me will
reply and offer a bit more to go on but good luck with everything and I do hope you find a way forward that works for you. I’d be interested to know how you get on.
Take care
Jx


#7

Thank you for sharing your thoughts on this. It just seems so difficult to get any formal advice… the search continues. We’ll try again with independent financial services and hope for the best. Thanks again and I’ll be back.