Years ago when someone wanted to remortgage their property, a lender would look at their income and offer to lend them three times their yearly salary. People who wished to obtain mortgages needed to have income that could be verified over several years and needed to provide proof that they were gainfully employed.

Many people in the United Kingdom have left traditional employment to strike out on their own. More people are self employed than ever before, thanks to the introduction of the internet into our society. Unfortunately, because they are self employed, many people feel that they cannot obtain a mortgage to purchase a home. This is not true; many lenders across the United Kingdom are offering a non status remortgage to those who cannot provide financial documentation.

To obtain a non status re mortgage, a borrower has to have a certain amount of equity in the property he is remortgaging. While many lenders will give mortgages to people who only have ten percent equity, those who wish to have a non status remortgage need to have at least twenty percent equity in their home. The equity in the home is determined by the valuation of the property offset by the amount of capital owed on the mortgage. If your home value has increased substantially over the past few years, you may be surprised to learn that you have more equity in the property than you originally thought.

In order to obtain a non status remortgage, a borrower must first decide on what payments he can afford. If a borrower wants to make very low payments, he can choose to get a variable rate non status remortgage. A variable rate loan generally has a much lower interest rate than a fixed rate mortgage, but the rate does not stay at the low rate during the entire term of the loan. The interest rate on a variable rate mortgage can go up after a specified period of time, depending upon the mortgage market rates or the base rate set by the Bank of England.

As interest rates are at an all time low, a person seeking a non status remortgage is wise to choose a mortgage with a fixed rate. Although these rates are generally higher than a variable rate mortgage, as rates are very low, now is the time to secure the low rate for the life of the loan.

There are certain fees involved with a remortgage that one should consider prior to remortgaging their property. They should find out if there is a repayment costs associated with their existing mortgage and, if there is, how much the repayment cost is. A remortgage involves paying off the existing mortgage and replacing it with a new mortgage.

Borrowers interested in obtaining a non status remortgage should learn as much about the rates and terms being offered by different lenders. Prior to applying for a non status re mortgage, borrowers should visit Finance Tracker to discover more about rates and terms that are currently available today.