Non Status Mortgage

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Why some borrowers are invisible to lenders

Mainstream lenders don't like the idea of a non status mortgage. Due to the fact that you have no credit history, it's hard to decide whether you're a safe bet or a big risk. Yet many non status borrowers are perfectly respectable in fact, some of them are simply good with money.

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The big irony of finance is that it's easier to borrow money when you're already in debt. If you don't have a credit history because you've never had credit, or because you can't provide proof of income the high street lenders won't like you; instead, you'll have to look for a non-status mortgage.

To get a non status mortgage you will have to speak to a broker or specialist mortgage firm. Because it's a high risk loan, expect a higher APR than the high street and you also probably have to pay a hefty deposit. Few non status mortgage lenders will give you more than 70% of the property price.

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