Re-mortgaging with public sector job?

Elspeth

We bought a house in September last year on a low rate tracker with unlimited over-payments and no exit fee, so that we could move to a fix if/when we got uncomfortable with interest rate rises.

At the moment if all other things were equal our plan wouldn't be to re-mortgage. We are currently over-paying by an amount that would equate to a base rate of 4.5% on our tracker.

But I work in the NHS, in an area that the government has made clear its intent for massive change quite clear. No redundancies have yet been announced. I imagine that is only a matter of time, although obviously I can't therefore guess at the likelihood that my job will be affected.

Clearly if/when I am given a redundancy notice we won't be able to re-mortgage (we wouldn't be able to on my fiance's salary alone).

But how soon before that point does it become impossible? E.g. when the organisation first announces that complusory redundancy is being considered?

beecher2

Remember that you won't have to tell your lender anything regarding changes to your income so you always have the option of going onto any deal they might offer you. For that reason I wouldn't panic and jump onto a fix.

CloudCuckooLand

OSM, read the forum rules.

You are not allowed to have a user name the same as your company name.

Expect to be deleted shortly. http://www.moneysavingexpert.com/site/forum-faqs