Non Status Remortgage

A remortgage on a non status basis normally means that the borrower either cannot prove all of their income or has adverse marks on their credit file. Mortgage lenders will be unlikely to offer their prime interest rates to someone of this profile.

Certain types of mortgage and remortgage products have been developed to cater for these types of clients. Interest rates are generally higher and the lenders expect larger deposits of more equity to enable them to maintain security on the loan. Since the credit crunch of 2008, there are less lenders willing to lend on non status cases, and many financial institutions have removed their non status products from their portfolio altogether.

Products available change daily as lenders balance their need to make profit with their aversion to risk. Most mortgage brokers have access to software which updates daily and can be used to filter through the many thousands of avialable mortgages to get to those suitable for their particular client. They will then be able to help the borrower through the application process and attempt to get them a remortgage asap.