Porting mortgage on a 6 month Fixed Term Contract

monkeybradders

Hi,

I'll try and keep this as simple as possible!

We are in the process of selling our home and have in fact got two good offers. We have also offered on a house.

In the process i have been made redundant. We were planning on porting our existing mortgage to a lower value property and therefore reducing our overall loan by c£90k. My wife is a stay at home mum so we currently have no salary.

However, we spoke to our lender and they are happy to proceed with the application, and have given a mortgage in principal, based on my being previously employed with the same company for 10 years, our repayment history, our credit and our savings along with redundancy payout (we could basically service our current mortgage for about 3 years without any income) as long as i can evidence my job search.

I've got a few job applications in but have today received an interview invite for a 6 month FTC job. This was my backup plan just to keep us ticking over rather than eat into the savings.

My question (finally you say !) If i take this role what are your views on the mortgage being accepted, given the circumstances under which the mortgage in principle has been offered?

I understand that we need to speak to the lender, and we will if i needs be but i just wondered if anyone had any experience of this.

Thanks for taking the time to read this

kingstreet

This is entirely lender/case dependent.

Unless someone had exactly the same situation with your lender, anything posted here would be purely speculative.

As you identified, you need to speak to your lender.