Non-status mortgage
One-in-three people in the UK experience credit problems at some
point in their life - often through no fault of their own. Late
payments on credit cards, disputes over invoices and oversights
with household bills can sometimes lead to an impaired credit history.
When looking for a mortgage this can turn out to be a major obstacle.
Special status or non-status refers to a borrower that is unwilling
or unable to provide the necessary documentary evidence of income
and status to a lender. For example, people who are self-employed,
but who don't have 3 years' accounts or who are on short-term contracts
could fall into these categories or those with bad credit (see below).
Thus the lender has to grant a loan without making enquiries as
to the borrower's income or credit history.
A borrower may require a non-status mortgage if one has had:
- Mortgage arrears or late payments
- CCJ or decrees
- Defaults
- Repossession
- Bankruptcy
- Blacklisted status
- Individual Voluntary Arrangements (IVA).
We specialise in obtaining non-status mortgages. People assume
they have to pay a much higher interest rate for a non-status mortgage
than they would with a mainstream mortgage. That definitely used
to be the case. However, due to reasons such as more people having
irregular working patterns, there is now a lot more choice available.
We search all the lenders to get you the best mortgage rate available
and we can successfully arrange non-status mortgages at rates only
very slightly higher than mainstream mortgages.
For free mortgage advice and a fast, no obligation quotation click
the link below.
Click
here for online mortgage quote uk
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