Non Status Remortgage
A non-status remortgage is mainly offered by lenders to people who have no proof of mortgage history or proof of income and therefore their income is difficult to assess.
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. The usual maximum loan to value is around 70% and a credit check is still carried out.