Clearing childminding with mortgage provider!

[LolaBags]

Hi all :)

Can I just ask all those pre-reg/newly registered out there - did you contact your mortgage provider to clear running a business from home, and what responses did you get? I rang mine yesterday and I've got to write to them for permission, however they didn't sound very positive about allowing it on the phone. It's a straightforward mortgage with a high street lender so I thought childminding would be accepted. I don't really don't want to change my mortgage :(

x

[rickysmiths]

Never had a problem. I was with Abbey when I started Childminding 15yrs ago.

We moved house and areas 5yrs ago and took on a Mortgage that was 3.5 times larger and there was no problem me being self employed, we are with Halifax.

Did you have paid employment when you took out your current mortgage? That maybe why they sound nervous. They usually want at least three years accounts if you are self employed and you won't have that yet.

When I started minding we were in a flat that had the mortgage in my name before I got married. My dh salary was more than mine so the fact that i changed to self employed made no difference if you see what I mean.

[LolaBags]

No sorry, I should have been more clear - their problem wasn't related to my changing from employment to self-employment, but the fact that I would be running a business from the property...:)

[rickysmiths]

Oh right. No never had a problem because its not considered a business in the traditional sense.

[TheBTeam]

Sounds ridiculous!! Any self employed small trader usually runs the business from their home!

[claireLouise]

I have informed my insurance company, never crossed my mind to contact my mortgage provider!

Claire:panic:

[singlewiththree]

I was told that it was fine with Abbey, I had more problems with my house insurance.

[Blackhorse]

I haven't told them about it...not because I didn't want to tell them but because it never even crossed my mind.
I told my home insurance provider as I added stuff to the policy so damages etc were covered..

not sure why the mortgage people would mind...as long as it gets paid...:rolleyes:

[HENNY]

I didn't contact my mortgage provider!

[Zoemum2four]

I also have never told my morgage providers, didnt think i need too :eek: ......As blackhorse said im also not to sure why they would need to be told, as long as you are paying them.......

[LolaBags]

Thanks everyone for your replies. If you really want to know why I ask...strictly speaking a standard mortgage is for a domestic dwelling only, and as soon as you run a business from home your property becomes mixed purpose (dwelling/business) and in theory the mortgage company could say your mortgage is no longer suitable. However, I'm of the opinion that what they don't know won't hurt them and I'm grateful for you all confirming that I am not alone :-)

Might be bonkers but isn't that typical of our banks?!!

[sharonmanc]

so glad i found this post as, I have read through my deeds, and there is nothing there to say I cannot, plus i have read up and soem people have, and others have not, so If i dont need anything in writing from my mortgage company for Ofstead etc, then I am goign to leave it alone.

[rickysmiths]

so glad i found this post as, I have read through my deeds, and there is nothing there to say I cannot, plus i have read up and soem people have, and others have not, so If i dont need anything in writing from my mortgage company for Ofstead etc, then I am goign to leave it alone.

I wouldn't, because it could cause trouble if they find out or you want to change the Mortgage and there is something you haven't declared. The person on the phone may not really understand what you were asking. Write to them, say you have checked the deeds and tell them what you want to do.
Unless you took the Mort out on the basis of earning a huge salary and now for the next year you have no idea what you are going to earn I can't think that there should be a problem.

I have had mortgages with Abbey, Halifax and now for the last 18mths Northern Rock and have never had a problem. The Abbey one I had had for 10yrs when I started cm and had it for a further 10 while cm. Then we moved and took a new one with Halifax and I had to show 3 yrs accounts and it was no prob that I was minding. 18mth ago we changed again because we had a large extention built and needed a bigger mortgage and again I had to show 3 yrs accounts (they do need it from an accountant) and there was no prob with being a cm. :thumbsup: