Non-Status Mortgage UK
Non-Status Mortgage UK - The Features and Benefits Explained
A non-status mortgage is a type of mortgage designed specifically for a certain group of borrowers. The UK tag is added to the end to make it clear this is a product designed for a UK borrower. "Status" borrowers are those people whose income or salary arrangements are simple and straightforward- they earn a set amount of money each month, they are paid by an employer, and they can produce payslips to prove how much they earn. However, the type of borrower who seeks a non-status mortgage UK may not have such straightforward income arrangements in place. The vast majority of "non-status" borrowers are self-employed, so cannot produce proof of how much they earn or where they are employed. A non-status mortgage UK borrower is often self-employed. Whether you run a business employing others, or simply run a one-person operation, such as driving a taxi or working as a mobile hairdresser, if you are based in the UK then you could qualify as a non-status mortgage UK borrower.
There are also some other types of people who could be classed as non-status mortgage UK borrowers. In fact, anybody whose income is subject to change, whether each month, every few months, or every year, could benefit from a non-status mortgage UK. You may not for work for yourself. In fact, you may be in permanent employment with one employer, but still experience changes in your income. Perhaps you are a salesperson working on commission, and do not know how much you will be paid each month until you know how much you have sold. Or you may be paid a set amount of money each month, but also receive an annual bonus that makes up a sizeable chunk of your total income each year. Those who work in the City are good examples of this type of non-status mortgage UK borrowers.
Far from non status mortgage UK borrowers being a negative concept, or being somehow less acceptable than status borrowers, they simply have to apply for their mortgage in a different way, one which takes into account that they will not be able to provide the same proof of income as some other people. While status borrowers will be asked to provide documentation such as payslips, or a 
letter from an employer, somebody applying for a non status mortgage UK will instead simply declare to their mortgage lender how much they expect to earn each year or have in fact earnt in the previous year. They may then have to provide further information, for example from an accountant to show how much they have previously earned, but they will not need to show payslips in order to be considered for a non status mortgage UK.
So if you think your income arrangements sound like some of those described above, and you believe you would be classed as a non status mortgage UK borrower, then this type of loan could be exactly what you are looking for to help you buy a home.
