No Doc Home Loan
No Doc Home Loan or Low Doc Mortgages are an alternative for those who can’t meet all of the requirements for a standard home loan or mortgage but do have a very realistic chance of making repayments on a mortgage.
For a growing number of people, it has become difficult to prove a regular income over the certain period of time lenders categorise as being a stable period, which is normally two years. They like to see this recurring income as assurance that you will be able to keep up with home loan repayments for a sustained period. This is the main reason for the creation of no do mortgages or low doc mortgages.
People that often fall into this category are often self employed, seasonal workers, performers, recently arrived immigrants or others with irregular income.
No Doc Mortgages
As long as you have a fair sized deposit and a good record of earnings over the previous years, many lenders will be able to offer you a low doc or no doc mortgages option. Commonly the section in the application is left blank or does not appear in the application process or there are other options that allow you to prove what income you regularly receive other than a salary payment advice.Depending on your circumstances the interest rate and fees for a low doc or no doc home loan will vary, according to how clear the information you can provide is and how complete you can prove your financial standing. If you can’t get approval for a standard low interest mortgages, maybe a no doc home loan is for you.