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Mortgage extension but potential redundancy

Dazzlar
Posts: 1 Newbie
Hi
I am looking to extend my mortgage (with the same lender) to have work done on the house. The additional mortgage amount is within the lenders parameters and affordable and so the application should be straight forward.
However, my company has just announced redundancies and are engaged with unions which may or may not directly affect me. If my role is made redundant I have options for contracting or finding a permanent position elsewhere (or maybe internally).
Questions if redundancy comes calling ...
I am assuming length of time at an employer is a factor in awarding a mortgage offer but to what extent ... how long would I need to be at a new employer for before this risk would be mitigated?
If I take the contracting option ... whats the impact in getting a mortgage offer?
The initial redundancy negotiations with unions usually take a few weeks, whilst I am aware of the reduction in numbers I have not been told it will/will not affect me. Does this get round the "are you at threat of redundancy" question lenders now pose if I apply for the mortgage extension now?
Thanks in advance
I am looking to extend my mortgage (with the same lender) to have work done on the house. The additional mortgage amount is within the lenders parameters and affordable and so the application should be straight forward.
However, my company has just announced redundancies and are engaged with unions which may or may not directly affect me. If my role is made redundant I have options for contracting or finding a permanent position elsewhere (or maybe internally).
Questions if redundancy comes calling ...
I am assuming length of time at an employer is a factor in awarding a mortgage offer but to what extent ... how long would I need to be at a new employer for before this risk would be mitigated?
If I take the contracting option ... whats the impact in getting a mortgage offer?
The initial redundancy negotiations with unions usually take a few weeks, whilst I am aware of the reduction in numbers I have not been told it will/will not affect me. Does this get round the "are you at threat of redundancy" question lenders now pose if I apply for the mortgage extension now?
Thanks in advance
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