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What to do ?
If you are thinking of becoming self employed and still
don't know what to do then we suggest you stick with something
you already know about. Something you have previously
done as a hobby such as canoeing, motor biking, child care
etc. This ensures you're enthusiasm is high and you will find
the business interesting.
© Copyright 2007 www.Self Employed Help .co.uk
~ All Rights Reserved.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS
ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. |
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What Do You Know About Non Status Mortgages ?
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Are you self employed or do you run a limited company? If the answer is yes then you are likely to know just how difficult it can be to prove your income. You do not get weekly or monthly pay cheques and the amount that you earn each month can change dramatically. So when a bank or a lender asks you for proof of your income you simply cannot provide it.
Luckily there are options open to you if you are looking for a mortgage and you cannot prove your income. One of these options is a non status mortgage.
What is a Non Status Mortgage?
Non status mortgages are there for people who cannot for whatever reason, prove their income. It could be that you do not have a regular income or perhaps your income comes from a number of different sources? Either way you cannot prove what you are earning and that is what a non status mortgage is there for.
All that you have to do with a non status mortgage is sign a declaration that you can afford the repayments each month. They do not check, they simply go on your word and of course if payments are missed then they have a signed declaration from you which they can use to take you to court. So it is not like they are taking a risk by lending you the money as they can still try and get the money back if needed.
Where Can You Find Non Status Mortgages?
You can find this type of mortgage through a mortgage broker; usually you cannot find them in the high street. You may have to do a lot of research online to find one to suit your needs, and by looking online you will also save a bit of money too. You will be able to see who offers the best deals on their non status mortgages and how much exactly you could save.
So that is how you can find a non status mortgage and another thing to keep in mind is that they do not even run a credit check. Everything is based entirely upon your signed declaration and only you will know if you can afford the repayments or not. If you cannot afford the repayments then you can still have your home taken away from you as you still signed a declaration form.
Overall non status mortgages are absolutely ideal for the self employed and more and more people are turning to them as they are turned away from the high street.
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