No Proof of Income Mortgage
No Proof of Income Mortgage - How To Make Every Penny Count
There are all sorts of reasons why someone might need a no proof of income mortgage and that is why people from all walks of life, from builders to bankers, would benefit from the options that a no proof of income mortgage brings. The whole point of a no proof of income mortgage is that it can take account of all the money which is coming in, even if the work being done isn't regular or forms part of a usual salary. Therefore, people can get hold of a mortgage which more thoroughly represents the amount they can afford to borrow, rather than be constrained because they have no proof of income. Although you don't have to prove your income you still have to declare your annual income to the lender.
A no proof of income mortgage can be used for a variety of circumstances. They are particularly useful for those who are self employed and therefore have money coming in at some times but not at others. A no proof of income mortgage allows a certain amount of flexibility, so that while you can show you have earned so much in previous years, you cannot guarantee, through payslips, that this will not stay the same in the future. Things might not be as good one year then better than expected another. In this situation, a no proof of income mortgage could be right for you.
Another reason why a no proof of income mortgage may be right for you is that you might earn a significant portion through bonuses or other performance-related means. A no proof of income mortgage might be the way ahead for a Premier League footballer as much of their income is made through goal bonuses and sponsorship deals. However, a no
proof of income mortgage works for anyone who can be sure that their regular salary will be supplemented by additional sources of income. This is true from City traders to waiters and waitresses. It doesn't matter whether the extra comes at the end of the day or the end of the year, a no proof of income mortgage would help account for this added income.
Therefore, if you can't prove down to the last penny exactly what cash will be coming in at the end of the month but you have a pretty good idea, you can still get finance to buy a property with a no proof of income mortgage.
