remortgaging on temporary contract

clarry82

Hi,
We have paid almost 2-years of our first-time buyer mortgage. Our deal ends in October, so we are looking to re-mortgage. Hopefully our LTV has reduced now!


My partner is still in the same job with slightly better pay than when we took out the mortgage. Currently I work as a teacher, but due to work-load, I am wanting to leave my current position with a full-time contract to work as a supply teacher. This (I think) would mean that I would then be on a temporary contract. Does this mean that I will struggle to re-mortgage?


If so I am then at a dilemma as to whether to stay in my current position until we re-mortgage, or to switch jobs anyway even though I won't get the best interest rates.


I would appreciate any advice about re-mortgaging on a temporary contract
Cheers! :beer:

ACG

Most lenders would allow you to switch products without the need to reapply - however they may not allow you to take advantage of any improvements in LTV without going through all of the normal checks.

If you wanted to switch lenders then they would go through the full application process.

dimbo61

Do you know how much your property has increased in value in the last 2 years ?
Do you live on an estate with lots of properties the same !
Did the next door neighbour sell recently or the bloke down the road !
Has this increase in value moved you from say 90% to 75% ?
Rates are very very good at the moment.
Check on your existing lenders website what offers they have for existing customers or give them a call.