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how would the mortgage company react?

I am having some thoughts to extending into the loft and running a bridal business from my home. There are insurances I need to cover (if someone could name them that would be great, I think its contence, building and liable) possible additional rates, but also telling the mortgage company. Currently I am in neg equity with a life 0.99+ tracker mortgage. This is forward planning as I dont expect to start the business for 2 years so I may not be in neg equ by then but would they be ok with it? Would they want to take my rate away? I would still be doing my job (if its still here by then, current recession and all) this would be in addition.

Also, if anybody knows, I have to ask the house builder if I can change the house structure i.e. if I want a dorma they get a say, for 5 years. Is this 5 years from signing the dotted line or moving in as theres 7 months difference there.

Thanks
The will to save every money saving penny we can

Comments

  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    It's impossible to say for sure, but in general lenders would not want such a situation as thier asset would be altered (imagine you gave your ring as security for a loan and the ring holder wanted to alter it!).

    Policiticians get up to all sorts of things, and for sure most would'nt inform thier lenders of any business they ran from home...................
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    People extend all the time so should be no problem if you make sure it still looks like a residential application.

    IF you then run a business from the 3rd floor that could have implications especialy if you expect to have people turn up at the house.

    Fire regs , H&S, are two that come to mind.

    As for the builders covenents most builders are trying to protect the look untill they are off site then don't care, but depending on the wording this may need further advise.
  • Fliss_M
    Fliss_M Posts: 697 Forumite
    Part of the Furniture 500 Posts Photogenic Combo Breaker
    Cheers guys. Sounds like I should take up legal advise first. It was the 3rd floor I was thinking of using, but I could change the bedrooms round and run it from a pre-exisiting room. If that helped any application I had ;-P

    As with coming and going, it would be appointments 2 a week evening and 7 a weekend day, wouldnt go past 7pm weekend and 8pm weekday, but am unsure how to check rules. As I say, legal advice mite not be a bad idea
    The will to save every money saving penny we can
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