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Do I have to tell my bank / mortgage?

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    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

    #2
    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!

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