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A remortgage is when you switch mortgage for the payment on an existing purchase, for example to decrease your monthly repayments, get a better interest rate, or obtain a more flexible deal. A non-status remortgage (sometimes referred to as a self-certification remortgage) is a special deal whereby you can declare, but not necessarily prove your income. Many mortgage lenders will consider a non-status remortgage to be a greater risk because the income is unproved and so they often charge a higher rate, but it does allow people who would otherwise find it difficult to own property to do so.
Non status remortgages will generally fall into two categories: Employed non-status and Self-employed non-status
You need only declare that you have the additional income to be able to afford the repayments.
Lenders are now tending to recognize that many people have flexible lifestyles and financial arrangements, so are offering far more in the way of non-status remortgage deals. To get the best deals for your individual circumstances, fill in the enquiry form to compare the market and get free advice.