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Non status mortgage |
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Non status mortgageMainly for people whose income is difficult to assess using the standard method adopted by most conventional mortgage lenders. Bonuses, commission and seasonal work can cause income to vary over time or be difficult to guarantee and this may not be considered acceptable in order to get a loan. The main groups of people that opt for self-certification mortgages are: self-employed and unsalaried company directors, contract workers (increasingly common in technology-based industries), commission-based workers (often in sales, recruitment etc.), people with seasonal earnings. The interest rate you are charged will be higher to compensate the lender for the increased risk.Non status mortgage Similar MatchesBlanket mortgageBlanket mortgageA mortgage that covers more than one property owned by the same borrower. Mortgage life insuranceMortgage life insuranceA life insurance policy which pays off the outstanding balance of a mortgage in the event of the death of the insured. Second mortgageSecond mortgageThe taking out of a mortgage on a property which is already mortgaged. This can be used to raise capital if the property has significantly increased in value and would involve finance companies rather than banks or building societies. Since the first mortgagee (lender) usually holds the deeds of the property, the second mortgagee will carry a higher risk and thus charges a considerably higher rate of interest. Mortgage backed securityMortgage backed securityA security, backed by one or more mortgages. Index tracker mortgageIndex tracker mortgageThe interest rate tracks an index such as the base rate or LIBOR and often has a set percentage added to it. Further SuggestionsAdjustable Rate Mortgages (arms)Senior mortgage bond pension mortgage Purchase money mortgage graduated payment mortgage Capped rate mortgage mortgage indemnity Fixed term reverse mortgage MIG Mortgage Indemnity Guarantee Mortgagee Open end mortgage Remortgage Mortgage servicing Mortgage cash surplus Mortgage debt Private Mortgage Insurance Joint mortgage Mortgage broker Deferred interest mortgage shared appreciation mortgage Strip mortgage participation certificate (strip PC) flexible mortgage account Package mortgage Federal Agricultural Mortgage Corporation (Farmer Mac) mortgage interest relief at source |
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