Non Status Mortgage

What is a Non-Status Mortgage?

Non-Status Mortgages (also sometimes used to describe Self-Certification Mortgages) are a form of mortgage offered by lenders where proof of income is not required to be demonstrated, making them useful for self-employed people.

In some cases this type of mortgage doesn't require the Credit Checks carried out by most other form of regulated lender, but instead assesses the application based on the value of the property and the borrower's means of proposed repayment.

Usually Non-Status mortgages restricted to a maximum LTV of 70% or so, but as the loan is secured against the property itself, and lenders generally charge a higher interest rate than other mortgage types there may be some room for movement.

Though they are carried out differently to other types of mortgage, Non-Status Mortgages are still regulated by the FCA.

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