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Freelancing, mortgages and the bank

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Hi. I have a joint mortgage that is on a variable rate. My partner is working full time and I have just quit full time employment to do freelancing. The mortgage was about 2.7 x our joint income, so affordable. As a result we have some money put aside. I also have freelancer work lined up, but not at the same level as what I was getting paid (for just now).

We've had the mortgage for 2.5 years and i've been a customer with the bank for about 17 years (not that I think that matters now!). Should I tell the bank I'm now freelancing or wait until I have a more predictable income?

What are the likely outcomes? And the risks in not advising initially?

Thanks.

Comments

  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    Unless you're applying for more money, changing lenders etc there is no need to inform them.
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