Mortgage - not returning to work after maternity leave

jctwins

I'm due to finish my maternity leave in 3 months. I wont be returning to work, will I need to tell my mortgage provider? We can afford the payments still but I know they stipulate letting them know any change of circumstance.
Also if we ever want to move to a larger house, we'd need a bigger mortgage. I will be going freelance, now they no longer allow self certified mortgages how would we go about getting a higher mortgage than what we have now if only my husband is employed full time?

Goldiegirl

You don't need to tell your lender that you aren't going back to work, as long as the mortgage payments are made, they won't worry about your employment status.

With regard to getting a new mortgage, I don't know what the current criteria is for self employed people, but I'm sure someone will be able to help

dimbo61

You may well need at least 3 years accounts when you go self employed if you want you income counted towards your next mortgage,
enjoy your time with new baby.
Build up the new business and keep good accounts.

Thrugelmir

Providing you stay as you are. Then no need to advise your lender.

Moving house is a different matter. To build equity find ways of reducing the mortgage quicker rather than expecting to borrow more.

jctwins

Thank you all for your advice. That puts my mind at rest and a challenge in my sights