Non-Status Mortgage
Non-Status Mortgage - More Than Just a Loan For Buying a Home
If you have a business and need a loan to buy a commercial property you can get a non-status mortgage to help you. This is especially useful if you have set up in business recently and do not have enough accounts to prove your income. There are also different levels of non-status home loan. Or maybe your business has been doing well for years and you think it might be time to step up, reinvest and make the venture go further.
This may be a mortgage on your residential property, from where you base you business or this might be a non-status mortgage on another, separate property or office. It doesn't matter where the mortgage is being lent, the important thing is it is finance and it is a way to inject capital into your successful business.
In the past lenders offered "true" non-status mortgage, because no aspect of your annual income or your mortgage history was ever checked. However, in this new age of prudent lending, that does not exist anymore. If you need a non-status mortgage, the lender will carry out a credit reference check and may contact your employer or your accountant for a reference to make sure that you will be able to make the mortgage repayments. When it comes to proving your own income today, credit scores are key.
The bad news is that the number of lenders offering a non-status mortgage has decreased, making the mortgage interest rates less competitive than just a few years ago. But the good news is that there are still non-status mortgage lenders alive and the Government wants them to be accessible to businesses.
You may have to pay more for the chance to get hold of a mortgage without proving your income these days, and it might mean a deal that isn't as beneficial as non-status mortgage deals of the past. But right now it's about making the most of what you have, and taking advantage of any financial products you can get hold of. Talk to a mortgage broker today about making the most of your next non-status mortgage - business will be tough for the foreseeable future, so get prepared now, because when the upturn comes your business will be first in line to reap the rewards.
