Non Status Remortgage
Get A Better Non Status Remortgage Deal
A non status remortgage is the description given to a mortgage where you already own the property and cannot, or prefer not to provide evidence of your income. A non status remortgage therefore refers to income rather than status.
There are many reasons why you may want a non status remortgage on your property where proving your income could be an obstacle.
You may simply be looking to find a new lender who can offer you better terms than your current lender. This happens most often when your current scheme's incentive is about to expire - a fixed rate, for instance, where the mortgage is due to revert to a much higher variable rate. It could be that your circumstances have improved since you purchased the property and would now qualify for the best products on the market, which were not available to you at the time. You may just want to take advantage of a very low fixed rate scheme, but need a non status remortgage rather than proving your income.
You may want to switch to another lender, for a afresh start if your past mortgage payments were not always made on time. Your income may have improved, but a non status remortgage may remove the need to prove it.
Of course, you may have other reasons for changing lenders. Many people accumulate a variety of debts, which eventually become too costly to meet the payments each month. One of the solutions would be to arrange a new non status remortgage which will also repay some or all of the other debts. By consolidating the debts, as this is known, the overall monthly commitments can be reduced considerably, which in turn makes it affordable. However you should be aware there are other potential solutions which may not involve switching unsecured debts to a non status remortgage, which could put your home at risk if they fail to keep up the payments.
Other reasons for a non status remortgage would include raising money for improvements, or to buy a joint owner's share of the property, to raise money for another property - or any other capital raising purpose.
If you are self-employed, a shareholding company director, have two or 
more jobs or income from investments or abroad then you may be unable to prove all of your disposable income.
By applying for a non status remortgage you are able to declare your total annual income without the need to supply evidence. Provided the declared income and other factors meet the lender's criteria you will be able to fulfil your requirements.
A non status remortgage is designed to allow clients to borrow money based on actual but non-provable income. Under no circumstances should a client consider a non status remortgage as an opportunity to make a false declaration about their income, just to enable them to borrow more than their true income would justify.
