Non Status Mortgage

Why some borrowers are invisible to lenders

Mainstream lenders don't like the idea of a non status mortgage: because you don't have a 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.

One 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 – then high street lenders don't like you; instead, you'll have to look for a non status mortgage.

To get a non status mortgage you'll usually 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; you'll probably have to pay a hefty deposit, too. Few non status mortgage lenders will give you more than 70% of the property price.