Running a business from mortgaged property

BachSoon

Hi

I am looking for some advice. I currently own my own property, subject to mortgage which I have had for about year now. My partner moved in with me recently, although he doesn't pay towards the mortgage and put no capital in to my deposit. He pays towards all the other outgoings - council tax, utilities, food etc. I am attempting to overpay on my mortgage asap as we have a long term plan to let it out when we purchase somewhere together. We don't intend to put his name on the ownership documents as he doesn't have savings to pay for half of what I put in as a deposit. He also probably has a bad credit rating as he had some financial problems in the past few years, which have now been paid off. He does have a good wage though and is focusing on improving his credit rating ready for when we want to move on to somewhere bigger. This will be at least 7-10 years from now though.

My question is, he is beginning some work as an amateur photographer and I'm keen for him to be set up as a limited company in order to protect him. He's happy to do this and understands the reason for which I think it's a good idea. However my mortgage booklet says that I must ask their permission prior to changing use, including running a business from home. If I was to speak to the mortgage adviser at my bank, what are they likely to query? Would they refuse permission because he does not have any ownership in the property?

Thank you in advance.

Thrugelmir

Running a photography business shouldn't pose any issues. The term business covers a very wide spectrum.

amnblog

Many people run their business from home and the majority of these just have their home address as their business registration address.

Certainly, if you do not have clients visiting on a regular basis I do not see how it could be an issue for the lender.

BachSoon

amnblog wrote: »

Many people run their business from home and the majority of these just have their home address as their business registration address.

Certainly, if you do not have clients visiting on a regular basis I do not see how it could be an issue for the lender.

Thank you amnblog. We certainly wouldn't be having clients visit, as meetings are usually in coffee shops, the client's place or the wedding venue.

All we intend to do at home is have it as the registered address and do the admin Do you think that my bank would take issues with my partner living here without being on the mortgage or ownership docs?

amnblog

No I don't.