Non Status Mortgages
Non status mortgages, technically, are any mortgages that do not fit into the ‘main stream’ traditional mortgage heading.
One of the most common of the non status mortgages is the self certification mortgage which is designed for those who are self employed and cannot produce the required proof of income documentation.
The other is the non status mortgage for persons with bad credit. Both situations will often result in fewer deals, larger interest rates and the requirement for a larger down payment on the loan.
Persons with simply poor credit may find that the amount of down payment required may be lessened and the interest rates may not be raised very much in comparison of a standard mortgage. Those who face seriously bad credit scores will nearly always be required to have large deposits on the mortgage as well as having significantly higher interest rates.
The demographics have changed over the last decade and many people are falling into a situation that no longer fits traditional mortgages. Many people make a living through self employment and many more are deep into debt and face poor credit reports.
This has caused mortgage companies to change the way in which they conduct business and as the competition rises people are able to cash in with mortgage deals, interest rates and payment term choices that were once reserved only for those that fit into the traditional mortgage requirements. Soon you may find your mortgage dreams become reality.
There are hundreds of companies out there who will offer you a great deal. Make sure you shop around.