• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:

  • You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
  • You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
  • If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.

Previously on "Do I have to tell my bank / mortgage?"

Collapse

  • Fandango
    replied
    You don't need to tell them, however I would certainly look to remortgage whilst you are still in employment as no one will touch you without several years company financial history and you certainly don't want to find yourself in March being reverted to their standard rate with nowhere to go!

    Leave a comment:


  • matty
    started a topic Do I have to tell my bank / mortgage?

    Do I have to tell my bank / mortgage?

    Hi everyone! I'm about to take the jump to contracting as a Ltd (yeah I know, awesome timing right?!). There's one area I can't seem to find much info about so if anyone is able to offer any info / advice would be very useful

    I'm currently full time employed and have been for many years with various companies. I have a standard bank account which I think has an expectation that a certain amount is paid in every month. And i already have a well established mortgage (pretty standard - repayment, about 75% LTV). I've got a very good credit rating.

    Now I'm moving to this structure of contracting from my own Ltd, do I need to inform my bank? If I'm paying myself a monthly salary from the Ltd then is it any of their business whether I'm actually 'working' that month or not?

    And do I need to tell the mortgage? Will they want to move me to a different product? I'm on a fixed rate that finishes end March. So, do I have to tell them? And even if I don't *have* to, are there any good reasons to?

    And/or should I get in early and negotiate a new fixed rate while I can still honestly confirm employment.. and then quietly not go back for a while...?!

    Any info / help appreciated

    Matty

Working...
X