Mortgage Thicko... pls help me

scouseblondie

Hi guys, need a bit of help regarding my current situation with my mortgage. Here goes:

When i first got my mortgage i was working full time and had an interest only mortgage. After a while, I went on to a repayment mortgage, then I came out of work and I am now a full time student.
I have got myself in a bit of a pickle as a family member moved in and now rents the property and so therefore, pays the mortgage. (I pay tax on the rent). My mortgage company do not know that I have rented the property out, what will happen if I tell them ? Will they Change the mortgage product ? Tell me I cannot rent it out ?
Also, I have rung up recently to change my mortgage back to interest only (this is to help me out financially until I qualify at University and get the job that I want with a good salary and then I can change it back to repayment) they said what was the reason for this and I replied financial difficulty, they said I would need to speak to somebody in the collections department regarding my situation. I thought because I originally took out an interest only mortgage that it would be simple to change back to.
My problem is is that, they dont know that I am out of work and a student (although they needn't worry as my boyf helps me out with money and I get by fine, the mortage has always been paid on time), I'm scared if they find out they will take my house away from me
What shall I do? Keep quiet and just stay on repayment or come clean and tell them I am a student now and that a family member has moved in ?

Thankyou, any help would be appreciated

CloudCuckooLand

If you still live there, the family member may be classed a lodger.

If not, you can come clean with your lender, ask for consent-to-let, say its in relation to your financial problems. You've moved in with B/F to economise, etc...

Thrugelmir

As CCL suggests come clean. Consider selling the property.

scouseblondie

Why would I want to sell it ? Its a good investment. Wouldnt be able to get a buy to let mortgage on my current income so dont know what to do, might have to keep it quiet until I can afford to swap it over. Thats not my main concern, my main concern is speaking to collections regarding my current situation. Mind you, they get paid on time every month so they cant take the mortgage away from me can they ?