Sorry for the boring question 🙁

Having taken a mortgage out whilst on a permanent salary, if I then switch to a contracting job does that affect the mortgage? (and in practice what happens?…)

Thanks,

mnbv

No but it might if you need to remortgage in the future.

In practice nothing as you don’t tell the bank.

As/when you get a new loan or it comes to refinance you should expect more hassle and pore tally a higher rate or be asked for a larger deposit. I imagine you don’t have payment protection insurance, if you do you’re obliged to tell them and if you don’t the insurance is invalid anyway.

nothing will happen to your current mortgage, but if you want to remortgage you will normally need to provide 3 years accounts as a minimum and/or pay higher rates of interest or be required to have a lower loan to value ratio.