"indefinite term" contract, impact on potential application?

Fitzkepp

Just been hit with the revelation my wife's contract is "indefinite term" as opposed to permanent, basically she works in research and the funding is fixed term - and should further funding not be secured she's put at risk and a new role sought for her (or she's ultimately made redundant).

Practically speaking the chances of no further funding are next to zero, but in terms of how a lender could view her contract, has anyone experience of this either as a borrower or as an adviser/broker?

Thrugelmir

Fitzkepp wrote: »

Practically speaking the chances of no further funding are next to zero,

Her employer seems to consider it to be a risk.

Southend1

How is indefinite term different to permanent?

Fitzkepp

Thrugelmir wrote: »

Her employer seems to consider it to be a risk.

Having looked into it its standard for research contracts to essentially say indefinite as opposed to permanent due to the fact funding for a particular activity will have an end date. Her contract itself says if funding isn't continued her situation reverts to "at risk" as you or I would understand it. For all intents and purposes its a permanent contract, she has a job whilst there is one (so can't be let go and replaced) and if there isn't, its the standard procedure for at risk in terms of trying to find another appropriate role.

What I'm not sure on is how a lender would define it.

Southend1

In my experience it's more usual for research contracts to be fixed term due to uncertainty over continued funding. I can't see how indefinite can be interpreted differently to permanent.

Fitzkepp

Its certainly the case there are people on fixed term deals around her, but they're specialised roles so I assume the reason she got an indefinite deal is because hers is note general and thus not bespoke to the particular subject.

I agree, having read into it I can't see how it can be assessed as any different, but I'd like to make sure before getting into applications.