Non Status Mortgages UK
Non Status Mortgages are for those borrowers who have difficulty proving their income and / or have a bad credit mortgage. The non status mortgage market has increased in recent years as lenders look at unconventional and new approaches to mortgage lending.
If you have difficulty proving your income you may still be able to get a mortgage. Usually the best way to procede is to take out a self certification mortgage. on a self certification mortgage you make a personal declaration of your estimated income.
In recent years the FSA have tightened up the rules with regard to making extravagant claims on self certification forms. Most lenders will look for some proof of income, although it will be less stringent than a standard mortgage. Some non status mortgage providers still are not interested in seeing accounts.
However it is always worth bearing in mind that it is in your own interest to make sure you don't take out a mortgage you are unable to pay back. For example there are concerns that interest rates may rise in the future. Also there is no guarantee that the housing boom will continue indefinitely. See: House Prices set to fall?
Because of the risk associated with non status mortgages the interest rates will be generally higher. However some building societies and banks have recently been targetting the non status - sub prime mortgage market. It is worth starting off with these
See also:
Sub Prime Mortgages at Mortgage Guide UK
