What kind of lenders provide no proof of income mortgages?
No proof of income mortgages are aimed at borrowers who do not have a straightforward or regular salary. For example, it might be that you are self-employed but do not have more than the typical three years’ accounts required by a standard mortgage lender. According to the Office for National Statistics (ONS), there are nearly 5 million self-employed workers in the UK, which is an indication of the high demand for products like no proof of income mortgages. However, it might be the case that you are not self-employed, yet your ‘core’ salary does not represent 100% of your earnings, like a commission that almost equates your basic salary. Alternatively, it could be that you simply have more than one job and your income varies from month to month. In all of these cases, no proof of income mortgages can provide the answer to borrowing a loan you know you can afford to repay.
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