The more stories that appears talking of mortgage meltdown, credit crunches and housing market slumps, the more self employed people panic. Many are coming to the end of their non status mortgages and are desperate to find the best deal before the market deteriorates. But have they missed their chance? Have non status mortgages seen their best days?
The first thing that needs to be cleared up is that there is no one ‘best’ mortgage when it comes to non status mortgages. Non status, or self cert, are special deals created for those who cannot be considered ‘status’, which means their income stream cannot be categorised. That means, in turn, the mortgages are not normal, so have to be set apart from the rest. So the best non status mortgages are the ones that have been chosen especially for the special borrower – the best non status mortgages for some people would not be the best non status mortgages for others.
Also, don’t believe the hype – the mortgage market is not in the doldrums just yet. The media have painted a picture of a market that has shut its doors to just about everyone. This simply isn’t true – non status mortgages, which are considered some of the UK market’s more riskier deals, are even still readily available from a host of lenders. It is true that rates have gone up and some lenders have dropped some mortgage products, but the UK mortgage world is vast so there is still choice to be had. So if you are self employed don’t worry, with a bit of help there is no reason why you can’t find the best non status mortgages for you.
So don’t be deterred, the best non status mortgages deals are still out there. You just need to know what to look for and where to look. To do that, you must first know what you want – the best non status mortgages fit round the borrower, the borrower doesn’t fit round it. Make a list of demands when it comes to your mortgage; be aware of your limitations in the form of credit ratings and existing financial responsibilities, and have a good idea of your potential as a self certified earner. If you can do all this then you will know what you need and just as importantly, what you want – then it’s just a case of finding this best non status mortgages deal.
Finding the best deal takes a little more work, and a little bit of help. A broker will be best port of call when comes to searching for the best non status mortgages. They have the expertise, knowledge and the tools to be able to search through the thousands of non status mortgages available in the UK. They will be able to search through intermediary lenders as well as more mainstream lenders who do not necessarily advertise their non status deals.
The best non status mortgages are anything but dead. There are still a lot of options for the self employed in the UK these days, its just that to find perfect non status mortgages the self employed borrower needs to be that little bit more prepared.
Brought to you by Self Certification UK.