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Tesco mortgage and fixed term contracts
fimonkey
Posts: 1,238 Forumite
Hi,
I have been dealing with a broker regarding my remortgage because I am on a fixed term contract of 3 years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract began 11th May this year.
I am looking for a 5 year fixed rate deal. Property worth 165K, I want to borrow 132K. I bought the property 3 years ago for 138K and I currently owe 120K
The broker initially chose TSB because they said I would be dealt with as if I were a 'contractor'. TSB have agreed the initial application but have said a term of 27 years rather than 30 years (I am aged 38), this puts my repayments up higher than I really wanted them to be (nothing to do with affordability btw, just I prefer a low repayment then I can overpay at my own convenience).
I note TESCO are direct to customer, they have a better interest rate too. WILL THEY HAVE A PROBLEM WITH A FIXED TERM CONTRACT? I am not strictly speaking a contractor, I am on PAYE not self employed. WILL THEY LEND OVER 30 YEARS?
Thanks in advance
I have been dealing with a broker regarding my remortgage because I am on a fixed term contract of 3 years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract began 11th May this year.
I am looking for a 5 year fixed rate deal. Property worth 165K, I want to borrow 132K. I bought the property 3 years ago for 138K and I currently owe 120K
The broker initially chose TSB because they said I would be dealt with as if I were a 'contractor'. TSB have agreed the initial application but have said a term of 27 years rather than 30 years (I am aged 38), this puts my repayments up higher than I really wanted them to be (nothing to do with affordability btw, just I prefer a low repayment then I can overpay at my own convenience).
I note TESCO are direct to customer, they have a better interest rate too. WILL THEY HAVE A PROBLEM WITH A FIXED TERM CONTRACT? I am not strictly speaking a contractor, I am on PAYE not self employed. WILL THEY LEND OVER 30 YEARS?
Thanks in advance
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