Non Status Mortgage

A Non Status mortgage is a product designed for people who cannot prove, or do not want to disclose, their income.

Who needs a Non Status mortgage?
Typical applicants would include those who work on commission and seasonal workers whose income varies over time or is difficult to guarantee. 
This could include the self employed and unsalaried company directors or contract workers.

How does it work?
To balance the risk involved with this type of mortgage, lenders usually charge higher interest rates and the loan to value is usually less [the maximum is generally 70%]. 

No proof of income required
Borrowers do not need to provide proof of income or previous mortgage history, but will be asked to sign a declaration that they can afford to make the monthly payments.

Pros of a Non Status mortgage;

• no proof of income required
• no evidence of previous mortgage payments required

Cons of a Non Status mortgage;

• a higher interest rate may apply
• the loan to value offered could be lower than a standard mortgage

Professional Advice
A Non Status mortgage is particularly suited to a certain type of borrower who is looking for the unique criteria of this type of mortgage.  To find out all your options, speak to a qualified financial advisor who will analyse your circumstances and recommend the right route for you.