What is a Non-status Remortgage?

Non status remortgages offer the same type of deal as those referred to as self-certification.

Income

Normally, when you apply for a mortgage or indeed remortgage, you will be required to submit proof of your income in order to prove that you can meet the repayments required. However, many people are unable to prove their income in this way due to their own particular circumstances.

This may be because they are self-employed, or have variable income for whatever reason. Even though you may not be able to prove your income and it may not be part of a permanent employment contract, you may still be financially able to afford a mortgage or remortgage.

Thankfully, a greater range of remortgage deals has become available in recent years to cater to people with varying types of income. Non status or self-certification remortgages are available to people who cannot prove their income.

With this type of remortgage, you do not have to prove your income using bank statements for example, which is what normally happens in a standard mortgage deal, but instead submit a declaration of your income and that you can indeed afford the repayments.

Deals

While you can indeed get a remortgage despite not having provable steady income, you may find that good deals are harder to come by. You should initially look to see what's available online, and get a feel for the types of deal you may be offered. Make sure you understand the terms of any remortgage including the interest rates involved, and use calculators and remortgage comparison tools to get yourself the best of the market.

Risk

It is unfortunately the case that many lenders will see a non status remortgage as a higher risk to them, and so may not offer you the best rates as a result. In some cases, there are lenders who specialise in this type of lending, and who may offer you better terms than their more visible competitors, but they may be difficult to find.

Help

For this reason it can be a wise move to use the services of an independent adviser or remortgage broker. They often have access to remortgage deals that you would not otherwise know anything about. In many cases they will be able to offer you a much better selection of remortgage deals and can therefore save you substantial amounts of money.