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Non Status Mortgages

Historically non status mortgages allowed self employed people to borrow on the basis of an income that was declared by the borrower, but due to abuse these products have been banned in the UK. Even through mortgage lenders tend to take a cautious view of the self employed, there are still options for self employed borrowers including specialist lenders who look at self employed borrowers more favourably.

If you are unable to provide two or three years’ accounts or your accounts do not really reflect your current company position then a mortgage through a specialist lender may be a way forward. Quite often a good accountant will organise finances in a way that minimises an individuals tax liability, meaning company accounts can hide the true success of the business.

Working patterns have evolved, more and more people work for themselves and increasing numbers of people are employed on short term contracts. In response, specialist lenders have introduced mortgage products which are suited to self employed borrowers.

Although non status mortgages are no longer an option, there are mortgage products available which are appropriate for the self employed.

For mainstream products, lenders will want to see proof of income, but this is not as complicated as it once was. Some mortgage companies state that they need audited accounts, but in practice, almost all will accept an Inland Revenue Self Assessment tax return.

Some banks and building societies will ask for three years' figures, but many will accept two years' or even one year and a projection. A home buyer who can produce at least one year's accounts could receive offers from at least a couple of specialist lenders.

A specialist broker has access to the entire range of mortgage products available in the UK and can guide you to the best deals available.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBTS SECURED ON IT. is a marketing website providing background and editorial content which may be of interest to those people who are looking for assistance due to adverse credit history. is a trading style of First 4 London Ltd which is an appointed representative of Ingard Financial Limited which is authorised and regulated by the Financial Conduct Authority number 450731. First 4 London Ltd, registered in England and Wales company registration number 04147068. Registered office: Brook House, Mint Street, Godalming, Surrey GU7 1HE. VAT registration: 810007494. The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.

All enquiries are dealt with by an FCA regulated mortgage broker who specialises in assisting borrowers who are regarded as non standard such as those with a background of poor credit. The details of the broker will be confirmed to you on screen once you complete the enquiry form. The initial consultation is free and without obligation. Should you proceed, the broker may charge a fee for their service up to 1%. The broker will provide you with details before you commit.

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