Remortgage and changing employment types with 4 month gap

orangedog21

I finished working at the end of september, it was a salaried position I was effectively made redundant from.

I was unemployed for 4.5months in total (taking a break, upskilling and looking for jobs), before starting a 6mth contract (via umbrella company)

It seems most lenders require a history of 6-12months of contracting, but our fixed term expiry will happen after only being in the new role for 2.5 mths.

I'm a premier customer at HSBC, but my mortgage is currently elsewhere… will I be able to remortgage with them, or do I need to go to a contractor specialist mortgage provider?

penners324

Get a new mortgage with your current lender. No credit checking is done

Emmia

Just take out a new fix (a new product) with the current lender. Should be quick, easy and you can almost certainly do it online from the comfort of your sofa.

orangedog21

The rates are much cheaper with other lenders though

born_again

https://forums.moneysavingexpert.com/discussion/comment/81890027#Comment_81890027

Yes but you then have to jump through their hoops to get what you want.

Rate switch, while it may be dearer (take shortest term) & then look once you have the required info.

Emmia

https://forums.moneysavingexpert.com/discussion/comment/81890027#Comment_81890027

But in your current employment situation will you get the cheaper headline rate? They may not offer it to you if they think you're risky.

You also need to factor in the time/faff cost of moving - personally I just check to see if our lender is competitive when we come to the end of our fix. So far, whilst they haven't been the absolute cheapest, the cost difference makes it not worth switching.