What is a...

Non-Status Mortgage

Non-Status Mortgages (also known as 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 are 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.

Will a Non Status Mortgage show on my Credit Report?

Your mortgage will show on your Credit Report, but won’t specify what sort of product it is. Because most mortgage lenders will run a credit check with more than one Credit Reference Agency in order to come to a decision, it is likely that the account will subsequently be reported (and shared with other lenders) across multiple agencies.

Although they require less proof of income than a traditional mortgage, a lender will still want proof of your credit worthiness before approving an application.

How can I check my Credit Report for myself?

You can check your own Credit Report and see all the information a potential lender would with checkmyfile. We take data from all 4 Credit Reference Agencies and bring it together in a single, easy-to-understand format.

That means that you can be sure you won’t miss anything important and can apply for a mortgage with confidence, knowing exactly what you’ll be judged on.

checkmyfile is free for 30 days, then £14.99 a month. You can cancel online at any time, without quibble.

The UK's First Provider Of Online Credit Reports

Launched 21 Years, 35 Million Credit Scores & 8 Million Credit Reports Ago

The UK's First Provider Of Online Credit Reports

Related Jargon