I have had an endowment mortgage with a major UK building society for nearly 10 years. I fixed the interest rate a few years ago (at the then competitive rate of over 6%) and this is now coming to an end. The building society recently contacted me to say they would like to save me some money, which sounded unlikely but they do have various better fixed rate/base rate tracker deals now at around 3% for a fixed period. They've asked me to come into my local branch for a chat about my options now the old fixed rate is running out (asking me to bring in my passport and endowment details). In the past few months however I have quit regular work and technically have no income. Effectively my wife is paying my mortgage as her earnings are going into our current account and the mortgage is being paid out of that, but the mortgage is wholly in my name. My wife also does not have full UK citizenship, although she is in full employment. The building society has never had any query about my mortgage account and I've never had any problems or arrears. I imagine that if I wish to sign up for a new fixed rate deal that the BS will require pay slips etc and proof of employment. AFAIK the BS has no knowledge of my current situation. I'm not particularly bothered about getting another fixed rate, as the current variable rate, which my mortgage will now switch to if I do nothing, is still less than my old fixed rate. Effectively our situation makes no difference to my/our ability to pay the mortgage, but would it impact on my credit rating, standing with the BS or my mortgage in any respect if I told them about my current financial/employment situation? Are there any benefits or drawbacks with suggesting we put my wife on the mortgage, and indeed would this be possible? Would I perhaps be best not saying anything at all to them, and just putting up with the variable rate until I get back into normal employment and/or start earning money under my own name again?
Many thanks Phil B.