Non Status Mortgage

From time to time you may come across the term non status mortgage. This is a type of loan is commonly offered to people with adverse credit history, such as people who have defaulted on loans in the past.

Lenders offering non status mortgages will often charge a premium to cover their risk which may be several percentage points higher than a standard mortgage. Non status mortgages tend to be offered by specialised lenders, rather than standard high-street banks or building societies.

This type of home loan may also have additional up front fees and charges associated with the loan so it is important to find out what you may be committing to before signing anything.

Depending on your needs and circumstances, it imay be possible to arrange a loan where part of your monthly payments are held at a fixed rate while the other is variable.

Before deciding on this type of loan it is important to make sure what is being offered meets your needs. You should take advice from an independent financial advisor to help determine what is best for you.

Non Status Mortgage :