Effect of taking 2yr contract on remortgage or move?

[Pheo]

Hi There,

I've got a job interview tomorrow with the Civil Service. Its for a 2yr fixed term contract role, in a really interesting domain, with a role which looks promising for my CV and future growth.

The only downside I can see at the moment is the role is posted as a 2yr fixed term contract, with the possibility to extend. My mortgage is up April next year... can anyone comment as to the likely effect? We are on an SVR of 4.99%, so relatively high, so ideally I don't want it to impact.

I have 9 yrs of solid employment history behind me at the moment, and a secure position in a large company - but I feel like I need to do something a little different... but obviously I'm concerned about the sudden loss of security!

[Sarnie]

Pheo said:

Hi There,

I've got a job interview tomorrow with the Civil Service. Its for a 2yr fixed term contract role, in a really interesting domain, with a role which looks promising for my CV and future growth.

The only downside I can see at the moment is the role is posted as a 2yr fixed term contract, with the possibility to extend. My mortgage is up April next year... can anyone comment as to the likely effect? We are on an SVR of 4.99%, so relatively high, so ideally I don't want it to impact.

I have 9 yrs of solid employment history behind me at the moment, and a secure position in a large company - but I feel like I need to do something a little different... but obviously I'm concerned about the sudden loss of security!

Here's Halifax's Fixed term Contract Criteria as an example;

"Applications will be considered from the above employment types if the customer has a current continuous employment of 12 months or more with 6 months of the contract remaining or the customer has 2 years continuous service in the same type of employment.

Evidence of their employment track record may be required.

Customers should be treated as self employed if they pay their own tax or sub contract to more than one company."

[Pheo]

Thanks Sarnie, so not quite as good but should be ok is the jist?

[Sarnie]

Pheo said:

Thanks Sarnie, so not quite as good but should be ok is the jist?

Basically, if the role is in the same industry as your current job, if you've been in your current job for more than two years, you'll be OK.

If this new job is a totally different job to the current one, you need to wait till you'd been in it for 12 months and then would need six months left on your contract.

Other lenders will have different interpretations, some stricter, some more lenient.......

[arnie12]

I don't suppose you know natwests policy as in a similar position

[smckeown]

The halifax doesnt ask any employment questions when switching deals,as long as you are not borrowing any more. I would hope this is a standard policy.

[Pheo]

Sarnie said:

Basically, if the role is in the same industry as your current job, if you've been in your current job for more than two years, you'll be OK.

If this new job is a totally different job to the current one, you need to wait till you'd been in it for 12 months and then would need six months left on your contract.

Other lenders will have different interpretations, some stricter, some more lenient.......

Would be the same industry, so sounds like I wouldn't be completely stuffed.

Any idea on other banks?