Mortgage and reduced income

pioneer22 · 17 May 2017 at 6:31PM

Hi all,

Our mortgage is in my wife's name however, she isn't currently working at the moment and is currently on Maternity Allowance.

She may or may not return to work she doesn't have to as I earn enough but my credit file is such that I can't be added to the mortgage yet.

Q, should we inform the lender? If yes are there any consequences? Likewise, if we don't. I don't particularly fancy a conversation about my wife returning to work with them.

There's no issue around affordability at all we could earn minimum wage and still have enough money. Mortgage is like £350pm.

My thought process is as long as its paid there isn't an issue?

Thrugelmir · 17 May 2017 at 6:42PM

Providing you continue to meet your monthly commitment you'll encounter no issues.

Is your mortgage interest only. As £350 is a very low amount.

pioneer22 · 17 May 2017 at 6:45PM

Thrugelmir wrote: »

Providing you continue to meet your monthly commitment you'll encounter no issues.

Is your mortgage interest only. As £350 is a very low amount.

Nope 2.44% Mortgage is about 80k or so I think.... big deposit plus help to buy plus oop north its cheap.

Mortgage and reduced income

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