providing your still living at the house and more than 40% of the house is occupied by you and your family you dont need to tell them anyting... if you are using the premises as a place of business and occupying more than 60% with the business or renting the house you may be violating the terms of your mortgage.....If you become self employed, what and when do you have to tell your mortgage lender?
they can not put your rates up whilst your tied in to a mortgage, nor do you have to inform them of your new status. problems only arise when your searching for a new deal on your mortgage. as your newly self employed you wont have any accounts to show a mortgage lender, and will probably have to go for a self cert mortgage, which means you just tell them what you earn without showing any records. this could lead to you paying a higher interest rate than others, but not necessarily. if you have a good credit rating you may still be able to get a decent rate. my advice would be to go to and independent financial adviser. they are fairly trust worthy and will point you in the right direction. they are also usually free of charge because they get commission when they sell you a product. i am self employed, and always seek advice from an IFA. ..i wish you luck in your new venture
Once your loan has closed and you are making payments they don't care if you are robbing banks to make the payments.
You don't tell them anything. Just keep paying as before.
I don't understand what if you want to move house? What are you talking about?
Best of luck
When we bought our first house, my husband was a self-employed carpenter. As long as you can prove that you are in full time employment and have at least 6 months worth of decent earnings then you should'nt have any problems.
As far as rates are concerned,(in our experience) the lender can only raise them if the Bank of England increases interest rates.
And moving in the future; If you've been with your lender for a while and you've kept up your payments, I don't think it will effect you too badly.
All the best!!
It is not required of you to notify them of any changes of employment.
Move house? You mean sell it? You will just have to get a payoff figure from them and pay off the balance of the mortgage at the time you sell it. There are exceptions to this ruling, like if you sell on a land contract, you can retain the mortgage until you issue the buyer a deed.
Physically move the house off the property? Your mortgage will probably not allow you to do that. Any structural changes must be okayed by them.
Good Luck!
You are already locked into your loan and paying on it, so they can't do a thing. Your loan was made, signed, funded and recorded at that time. If you go to get another loan or refinance with the same lender that is the only time it will matter whether you are now self employed.
does that really matter if you r paying i think that things should do all right
once you have a mortgage, you can do anything you want and they cant do anything as long as you are still paying on time. however , you would have to tell them your plans on moving the house and would have to get their okay to do it.
Tell them nothing but do go on paying each month for that is the only thing they will moan about
I wouldnt tell them a thing, as long as you keep paying they will be happy. If you want to move house that is another thing. Your existing mortgage is probably 'portable' which means you can take it with you if you move. However if you decide to increase your borrowing this may well cause a problem as most Hight St lenders want two to three years accounts.
Dont worry though, there are plenty of lenders who specialise in self employed with no accounts and as long as you have a clean credit history they are only marginally more expensive thant the High St. Find a decent mortgage broker to help or contact me on dbharrold@yahoo.com
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