What Is A Non Status Remortgage ?

A Non Status remortgage is used when the person or persons applying cannot prove their income. Sometimes a non-status mortgage is also known as a self cert or self certification mortgage. This kind of financial product is aimed at people like self employed people or people who get paid seasonally or have their wages made up of bonuses and contact workers also are suited to them.

The lender just believes the amount of income you say you earn and works out if you can afford the payments based on the usual calculations. Of course from the lenders point of view a non-status remortgage offers higher risk and therefore the bank or lender putting up the cash will charge a slightly higher interest rate.

To apply for a Non-status remortgage most lenders will require a 15 % deposit for example if your home is valued at 100 thousand the will give you a remortgage of 85 thousand. This is to protect the lender if you don't pay back the payments and the need to sell your house to get back the money they loaned to you.