Changed Employment Status and Mortgage

Yes. I think you may well have a problem. Basically, lenders don't care for self employed people, particularly if they don't have a track record. However, to mitigate this, you probably do have a track record, albeit in another guise. How the lender would view it I'm not able to judge. They all have their own criteria. It would also depend on the size of the loan compared to the value of the house.

As far as the portability of the mortgage goes, it's only portable if the new mortgage fits their criteria. Portability is no guarantee of being offered a new mortgage.

As far as whether you should have told them about your new circumstances, no, you don't have to. As long as you go on paying the monthlies then they won't worry. Unfortunately, this won't necessarily help when you apply for a new mortgage on ported terms.

You say that the helpdesk tried to book an appointment with a mortgage advisor. Well, you are going to have to have one if you want to pursue this! Why would you not want one? He's going to answer your questions better than any of us can.

Rob Graham

Well you're not really self-emplyed then, you're an employee of the Ltd. company.

The man speaks the truth. Basically, if you do tell them, all you're doing is handing them an excuse for upping your payments. When I did what you've done I decided that it was none of their dam' business (despite what their rules might say), so long as I kept up the installments.

I don't think their rules would address this topic. They've no reason to know that you've changed your job, or even lost it altogether. What are they going to do anyway, unless you stop paying? Chuck you out? I don't think so.

Rob

Thanks for all your responses. I was contemplating booking an appointment with the Mortgage Advisor and discussing with them what i would like to do although i will have to mention the change in employment. Someone else has mentioned about being an employee of the company as i am running a one man band Ltd although they weren't sure about how banks viewed this. What i am worried about is them to state i no longer fit the mould for that particular mortgage and dump me on the SVR there and then! Would that even be remotely be likely? i just need to make sure before doing anything i might regret...

No, they won't do that. You've not broken any rules (AFAIK). I haven't read your mortgage contract but it would be very surprising if any rules encompassed this issue. You might like to look to see if they said that you had to notify them if your status changed, but I'd bet a considerable sum they hadn't.

Rob

Thanks for all the input guys in-particularly Rob. Just wanted to check before i did something silly...

They view it exactly as if you were self employed, but as the PP said, technically you are not.

You will get the same deal as anyone else at a given salary multiple. The problem is that they will want an awful lot more proof what that salary is than they will for a "normal" employee.

As others have said, you do not need (should not) tell them about your changed status until you want to apply for a new mortgage

tim