Disclosing a drop in income to a mortgage lender

jarthurs

I'm self employed and took out a self-certified mortgage in June 2003 with Bank of Scotland. I was quite cautious and didn't dive in and go for the maximum mortgage value available, however I now find myself in a position where I am having great difficulty in meeting the mortgage payments.

Having been honest in the past on two occasions when I've had a change in financial circumstances and having on both occasions been 'screwed over' by the banks in question in their scramble to get their money back on two small <£5000 unsecured loans. I would like to contact Bank of Scotland to see what measures they could take to reduce my payments but at the same time on past experience I'm concerned they'll pull the rug out from under me.

Has anyone else here been in a similar position and what has the bank done to help (or make things worse). What options can the banks offer if there is a significant drop in your income, in my case my income is now around 50% what it was when I took out the mortgage.

Regards,
Jason.

MylesBetter

Get a copy of Martin's re-mortgage book. It is full of good advice, but maybe not your situation.

It might be worth contacting the sponsor's of Martin's booklet the link is below.

http://www.lcplc.co.uk/ Tell them you came via the MSE site, it might help.