Remortgage on a fixed term contract?

alex_163163

I’m unhappy in my current job and a role has come up that I am interested in.
The only problem is that it is an 18 month fixed term contract (my current job is permanent). The recruiter has said there is a strong chance it would be extended/ made permanent, but there’s obviously no guarantees.
Our mortgage fixed rate period is up in October so we might want to remortgage to a different lender depending on interest rates available.
So my question is, how will being in an 18 month contract be seen by lenders? Will I struggle to find a lender?

If it makes any difference, I’d likely start the job in May/ June if I was to get it (3 month notice period in current job), so I would be 4 months into the new job by the time our remortgage would need to take affect in October.

kuratowski

I would be incredibly sceptical about any statements made by a recruiter! You would be taking quite a risk - if the contract wasn't extended, how quickly could you likely get a new job that could comfortably cover your mortgage payments (and other essential expenses)?

Some mortgage brokers frequently post here and they are better suited to answer your question re lenders' criteria for remortgaging.

haras_nosirrah

There are high street lenders who will do this as long as you have 6 months remaining on the contract

I have just placed someone in a similar position.

LRmortgage

As above, with that length of contact, the mortgage shouldn’t be an issue. See a broker.

Obviously your attitude to risk with regards to the contact not being permanent should be factored into your decision making.

Mortgage_Adviser

Who is your current lender?
If it is a high street bank the benefit of having a new job would probably outhweigh the negatives of potentially having to stik with your lender's retention product.
Would getting 18 month work experience in a new job make it relativerly easy to find the same role with a different company as yoiu will have experiece under your belt then?