Should I admit income has changed to mortgage lender?

Edtough

I have a "lifetime" mortgage i.e. tracker rate that remains unchanged throughout full 20 year life of mortgage (fluctuates with BoE obviously).

When I applied for this mortgage, my income was from a full-time job. Now it is comprised of rental income and part-time work and is about 80% of what I originally applied with.

I want to buy another house and port this mortgage. Assuming the lender will carry out checks on my income again, I want to ask the lender if they will continue lending me the same amount despite my income now being reduced and made up of rental income - over 2 years I have never missed payments, and have actually overpaid.

If they say no, then I will probably stay put.

My question is, in the event they say "no", and I decide to stay put, with me having shown my hand that I no longer earn the money I did which originally qualified me for the mortgage, will the lender be concerned and withdraw the mortgage or anything like that? Like I said, I have actually made overpayments since I've had the mortgage.

kingstreet

No. There is no retrospective disclosure.

Your income only affects your future, not past mortgage plans.

Edtough

Oh good; that's a relief.

Thrugelmir

Is the other property mortgaged?

Edtough

Which other property? The plan is to sell the house I live in and buy another to live in, porting the current mortgage between the two.

If you're referring to my rental properties, yes these are mortgaged.

Thrugelmir

Edtough wrote: »

If you're referring to my rental properties, yes these are mortgaged.

Then these will impact affordability. Lenders are required to take the pessimistic view, i.e. mortgage committments if interest rates were to rise, no rental income along with liability for other property costs, etc.

Edtough

Sure, understood.

I was more concerned about the lender somehow clawing back my mortgage when I reveal I don't have the original income I applied with anymore (this being a lifetime mortgage and all).