Hi,
I have a small mortgage on my first home and the interest rate is fairly high - 4.3% - considering I owe about 60k on a house worth 140k. I know there are cheaper rates available to me from my bank - Ulster Bank - but I'd have to provide salary certs etc to get better interest rate. Thing is that in the last year I have gotten married, moved out of the house to move in to my husband's house, let the house out to a tenant (and registered with PRTB) and I have also become self employed, having left my PAYE job. I have yet to inform the bank of these changes. I have set up a meeting in my branch for next week to review the mortgage. What is likely to happen if/when I tell them all the above info? I can just about afford to keep up the payments as it is and would like to keep the house as an investment. I am afraid if the mortgage type has to be changed to buy-to-let rather than owner-occupier that the interest rate may go higher.
Thanks in advance for any views or advice
I have a small mortgage on my first home and the interest rate is fairly high - 4.3% - considering I owe about 60k on a house worth 140k. I know there are cheaper rates available to me from my bank - Ulster Bank - but I'd have to provide salary certs etc to get better interest rate. Thing is that in the last year I have gotten married, moved out of the house to move in to my husband's house, let the house out to a tenant (and registered with PRTB) and I have also become self employed, having left my PAYE job. I have yet to inform the bank of these changes. I have set up a meeting in my branch for next week to review the mortgage. What is likely to happen if/when I tell them all the above info? I can just about afford to keep up the payments as it is and would like to keep the house as an investment. I am afraid if the mortgage type has to be changed to buy-to-let rather than owner-occupier that the interest rate may go higher.
Thanks in advance for any views or advice