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© Copyright 2007
www. Remortgage Supermarket .co.uk ~ All Rights Reserved.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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The I Cant Prove My Income Mortgage
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Banks, including non
status remortgage lender, love people with large and
predictable salaries. They perceive these people to be
in a low risk category when considering their mortgage
applications. However, with flexi work, bonuses and
commissions, there are a large number of us who do not
have those predictable salaries but may well earn large
amounts (albeit somewhat erratically).
Mortgages to people whose income status is not so well
defined are known as non-status mortgages. You could be
part of an employed non-status group where you have
erratic bonuses, royalties or commissions forming a
large part of salary checks. The self employed group or
non status mortgage seekers are those who run businesses
which have not yet established a three year track record
of profitability. You can benefit from a non status
remortgage lender.
It makes good sense to go in for a re-mortgage for your
home. You get much better interest rates, there are
discounts and special offers for new customers from a
non status remortgage lender and you could take
advantage of your increased equity (and property value)
to get a larger mortgage. However, most banks and
lending institutions do not consider a non-status
application to be a good risk.
In many cases where a bank or a mortgage broker
considers non-status applications, they will ask the
re-mortgage seeker to self certify that he can meet the
repayments. For this reason, non-status mortgages are
also referred to as self-certified mortgages. Due to the
extra element of risk involved, there could sometimes be
extra interest as well, a process of balancing risk
called 'loading'.
Many re-mortgage brokers specialize in non-status cases
and are able to get you offers that it would be
difficult to obtain otherwise. This is due the fact that
many non-status re-mortgagers do not advertise their
services and accept deals only through mortgage brokers.
These brokers provide you with expert guidance and are
able to assess the flexible aspects of your income quite
well. They form a kind of a bridge between you and the non-status
mortgage lender to ensure that you get the best deal
while the risk in lending to non-status cases stays
manageable.
Bad
Credit Remortgage Companys
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