It is an ideal tool for people who can’t or don’t wish to disclose their income. It is offered to the borrower without producing proof of previous mortgage history or income. As a borrower, you may be offered non-status mortgages at a reduced ‘Loan to Value’ to cover up lender’s risk.

As stated earlier, like other mortgages, you’re neither required to reveal your income on the mortgage application form nor prove your income to the lender in the form of accounts, pay slips or P60’s. Non status mortgages can be applied by people: who prefer a hassle free mortgage application with less paperwork; who are self-employed but without 3 years accounts; who are employed on short term contracts; and who have credit problems or no mortgage history.

The people with poor credit score or no mortgage history can opt for sub-prime mortgage market or a mortgage broker to search the market for a good deal. As a self employer with less profit history and unhealthy business outlook, you’re allowed only small mortgages. Most of the high street lenders don't look at your ability or the affordability to pay. Instead they stick to rigid rules on what they will lend in order to reduce their risks. Thus they will avoid giving you non-status mortgages.