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declaring change of income to mortgage provider
matt_corgan
Posts: 1 Newbie
Hi,
If you get a mortgage based on an income of say 30k but then a year or so down the line your income drops to substantially less than this, are you obliged to tell your mortgage provider even if you can still meet the repayments from savings/inheritance etc?
many thanks in advance
If you get a mortgage based on an income of say 30k but then a year or so down the line your income drops to substantially less than this, are you obliged to tell your mortgage provider even if you can still meet the repayments from savings/inheritance etc?
many thanks in advance
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Comments
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Simple answer is no
The mortgage will have been based on your circumstances when you applied.I am a Mortgage AdviserYou 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.0 -
The risk of lending and teken in to account when you apply.
Dont worry unless you cannot pay the mortgage.
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