Non-Status Mortgages UK - Know The Details.
Non-status mortgages are mortgages for individuals who do not have proof of their income for a variety of reasons. There are many individuals who do not work for a typical company and receive a paycheck every week. These individuals include freelancers, commission workers, the self employed, and also individuals with bad credit.† Basically, non-status mortgages UK are for individuals who have difficulty proving their income status.
If you fall into the non-status category then you may be concerned how you can be approved for a loan if you canít prove your income. The answer to this is you provide your income and ability to repay the mortgage to the lender.
As such, you must be as honest as possible when filling in the lender as to your income because you will be required to pay the non-status mortgage loan back and the last thing you want to do when buying a new home is over extend yourself to the point of not being able to make your monthly obligations.
So, make sure you do not exaggerate your income in the hopes of receiving a larger non-status mortgage UK loan. This is not free money and it must be paid back and it will affect your credit if you donít. In light of this, it makes sense to simply state what you believe to be your income and ability to pay. Non-status mortgages UK also require a deposit.
In some cases, you can find a lending institution that will only require a small down payment in the 5% range. However, this is infrequent and most of the time lending institutions require anywhere from a 10-20% down payment.
Because of this down payment requirement frequently individuals find non-status mortgages difficult. Although, with a little bit of research non-status mortgages UK can be found that do not require such a high deposit.
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However, while a large down payment may be a drawback to non-status mortgages, a benefit is that although you cannot prove your income you can still be approved for a mortgage loan. This is very important because by standard measures individuals who qualify for non-status mortgages do not qualify for standard ones.
This is a great benefit and it outweighs the downfalls. Also, even individuals with bad credit can receive these types of loans and frequently the lending institution does not even check their credit.
However, bad credit mortgages exist and because of this individuals with credit problems should investigate those types of mortgages first.
People with non-status should stick with non-status mortgages UK and realize that although they will have to pay higher interest rates and down payments they are being given a shot at home ownership without ever proving their income which is a great opportunity that should be taken.