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Wife now Self-Employed...
jgrhelp
Posts: 1 Newbie
My wife was made redundant and started her own business in March... so far we haven't told our mortgage provider.
I am in full time employment and am managing to just about cover the payments and cover the family costs, but money is very tight.
Do we need to let the bank know? Will this cause us problems/help?
Advice would be great.
I am in full time employment and am managing to just about cover the payments and cover the family costs, but money is very tight.
Do we need to let the bank know? Will this cause us problems/help?
Advice would be great.
0
Comments
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Assuming this is an existing mortgage on your current home, you have no duty to disclose your change in circumstances.
However, if you are struggling to meet your monthly payments, it would be better to contact the lender sooner rather than later if you feel you may need some form of help in the near future.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
If you do not have the cash behind you to comfortably cover your costs while your wife is building her business you are making a mistake.
The newly self-employed rarely generate their employed equivalent income in the first 24 months.
Don't let this become a problem.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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