What does Non-Status mortgage mean?

If you have income proving problems, then non status mortgages are the best deal for you. Certainly do not except loans greater than 70% of the property’s real value market, and most often you have to show up a good credit scoring. Non status mortgages go under the naming of self certified mortgages as well, the terms are interchangeable.

Proof of income is at the basis of being eligible to receive a mortgage, but a non status mortgage makes it easier for you especially if you are self employed or a freelancer, or running your own business, or the worst when you are getting paid based on commissions (income is definitely fluctuating) for example.

However, it is advisable that you turn to professional advice to see whether this kind of mortgage would work in your advantage, as having a fluctuating income or a not easily proven one, is always a redirector towards instability. This is why you have to make sure you can afford the mortgage repayments based on your lowest monthly/annual income ever.

Bear in mind that many times quickly offered solutions might hide surprises, like a very high interest rate, n flexibility in payments, a very high early repayment fee and many others. Pay specific attention to the fine print, the terms and conditions in general before signing a legally binding contract.