HomeSite MapCompareFinanceDebtCasino Non status mortgageThe mortgage definition for Non status mortgage:Mainly 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. Similar MatchesAssumable mortgageAssumable mortgageA mortgage that can be transferred to another borrower. Balloon mortgageBalloon mortgageA mortgage in which monthly installments are not large enough to repay the loan by the end of the term. As a result, the final payment due is the lump sum of the remaining principal. Biweekly mortgageBiweekly mortgageA mortgage that requires payments every two weeks and helps repay the loan over a shorter term. Further SuggestionsBlanket mortgageBuy down mortgage Cap & collar mortgage Capped rate mortgage Cashback mortgages Chattel mortgage Cooperative mortgages Click to compare definitions of Non status mortgage Click to view definitions beginning no |