Employment change can I remortgage?

Fizzi

Can anyone offer advice please? I have been in permanent employment for the past 10 years however was recently made redundant. I now have have a 'fixed term' 12 month contract although this is likely to be longer.

I have a fixed rate mortgate at 5.2%, my intention, before being made redundant was to review this and possibly remortgate at a better rate. What are the prospects of me being able to do this now?

_Andy_

What would the early repayment penalties be?
How long is left on the fixed rate?

Fizzi

7 years left on fixed rate with a fairly hefty penalty - about 3k now I think as its just passed an anniversary

_Andy_

TBH I think you'd be better off sticking with your current rate - you've got great medium term security at a decent rate and paying £3k (+fees for new mortgage) for a bit of short term saving doesn't seem a great idea.

Fizzi

I thought that might be the case, also wasn't sure if anyone, even my current lender, would want to re finance me when I don't have a perm job.