Interest Only Non Status Mortgage
What You Need To Get An Interest Only Non Status Mortgage
Clean Bill Of Health
To be sure to be accepted for an interest only non status mortgage you are going to have to be financially healthy. Lenders do not want risk, and non status is risky for lenders - so make sure you minimise your risk factor. This means going online and making sure your credit rating is as clean as it can be. Any one of the UK's credit rating agencies can give you your credit bill of health. If anything isn't right on this, or there is anything you can amend make sure you make it your priority. Interest only non status mortgage deals are only going to be given to the best credit scorers.
Accountability
Being non status means the onus is on you to make sure you can prove, if asked, exactly how much money you have made in the past. If you cannot prove your potential you are not going to be accepted for a interest only non status mortgage. This means making sure all your accounts are in order and up to date, and you should have proof from an accountant that you are a sure bet. You also must be able to show that you have potential to earn on your own - with interest only non status mortgage deals lenders need to be sure that their investment will make them money - so do not leave them in any doubt.
Money
Unlike interest only non status mortgage deals of the past, to be sure of one of these mortgages today you need collateral. Lenders are ideally looking for borrowers that can put down at least 25% of the property's worth from the outset. And because house prices are still extremely high this means you will need a lot of money to be sure of an interest only non status mortgage. If you cannot be sure of being able to put down a sizeable percentage of the home's value interest only mortgages will probably not be within your grasp at this time.
Plans
Risk means a lack of foresight and a lack of planning, and to get hold of a good interest only non status mortgage, you need to ditch the risk. This means having plans and foresight. Talk to a financial adviser and put together a sensible realistic strategy that will allow you to show lenders that you can be trusted with an interest only non status mortgage.
