It is obvious that not having 3 years of accounts from a certified accountant can have a serious impact when applying for a mortgage, you may find your self with a large lump sum of money available for a deposit , a good and steady income with good prospects maybe a self-made fortune but were unable to find a lender to offer you the finances you need, this was not lost on mortgage lenders and "behold" the Fast-Track was born, the problem for the self employed and non salaried workers about proving their income was over.
Why Fast-Track
It is most likely that you are self employed or in some cases you have an unusual pay structure commission, bonuses, profit share etc.
Fast-Track gives you the option of making a self assessment of your income, this does not have to be backed up by receipts or bank statements, however a deposit of at least 25% would be required and expected as you are expected to be financially "Self sufficient" .
Non Status
Non Status refers to a situation where you have no credit record, maybe as a result of arriving in the country after a long time away, or simply you may have just left school or college, leaving you with no financial history (Non-Status).
Fast-Tracking a mortgage
Simply submit a rough but accurate table of figures outlining your incoming and outgoings, it is important to have some self control when applying for the mortgage it can be tempting to exaggerate your income to gain a larger mortgage.
Lenders of true Fast-Tracking
Fast-track mortgages are offered by Halifax and the Nationwide Building Society and are agreed on a set loan to value (LTV) of 75%