
UK Remortgages - Self Certified Remortgages - Non Status & the Self Employed
Self Certified Remortgages - Non Status & the Self Employed
A Self Certification Remortgage (non-status remortgage) was designed to let people such as the self employed ar commission based earners self certify their own income to meet the requirements of a remortgage. It is unlikely that you may be able to release equity in your home this way, because "self certified mortgages" require a deposit of more than 20% that it self indicates you are financially sound, however in the case a self cert remortgage no such deposit is required and the lender will rely completely on trust when considering your self certified figures, this is why they would be reluctant to provide a cash lump sum based on releasing equity. Remortgaging - Non Status & Self Employed An application self-employed remortgage it is all to easy to exaggerate your income to attain a mortgage that might become unpayable especially at a time of high interest rates. Claiming assets and depreciations is another route some might take to inflate the figures, self certifying gross income and assets rather than the actual turnover can hide the fact that the net income is actually low. No proof of income, no credit record, all these things put you in a position as having "non-status". A non-status remortgage Non-status mortgages are offered to borrowers who may not have.. No Previous Mortgage History (maybe because you were in the armed forces or worked overseas or just a first time buyer). No Proof of Income ( The self employed are vulnerable to this as are seasonal workers sales people musicians & actors. No Previous Credit History (This could be because you are young or have worked abroad). Some of this criteria may not arise when it comes to remortgaging. Remortgages - Raising finances or saving on your repayments : UK Bad Credit Brokers & Lenders What is remortgaging? - Raising funds and releasing equity How to remortgage - Transferring your mortgage and raising additional capital Buy to Let Remortgages - Using the rental income from your property Bad Credit Remortgages - Adverse and Poor Credit Ratings Remortgages - Self Certified Remortgages -Non Status & the Self Employed Remortgage Brokers & Lenders - There to help you get the best remortgage deal
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UK Remortgages - Self Certified Remortgages - Non Status & the Self Employed

Self Certified Remortgages - Non Status & the Self Employed

A Self Certification Remortgage (non-status remortgage) was designed to let people such as the self employed ar commission based earners self certify their own income to meet the requirements of a remortgage. It is unlikely that you may be able to release equity in your home this way, because "self certified mortgages" require a deposit of more than 20% that it self indicates you are financially sound, however in the case a self cert remortgage no such deposit is required and the lender will rely completely on trust when considering your self certified figures, this is why they would be reluctant to provide a cash lump sum based on releasing equity.

Remortgaging - Non Status & Self Employed

An application self-employed remortgage it is all to easy to exaggerate your income to attain a mortgage that might become unpayable especially at a time of high interest rates. Claiming assets and depreciations is another route some might take to inflate the figures, self certifying gross income and assets rather than the actual turnover can hide the fact that the net income is actually low.

No proof of income, no credit record, all these things put you in a position as having "non-status".

A non-status remortgage

Non-status mortgages are offered to borrowers who may not have..

No Previous Mortgage History (maybe because you were in the armed forces or worked overseas or just a first time buyer).
No Proof of Income ( The self employed are vulnerable to this as are seasonal workers sales people musicians & actors.
No Previous Credit History (This could be because you are young or have worked abroad).

Some of this criteria may not arise when it comes to remortgaging.