Low Doc Loans
If you’ve never applied for a mortgage before, you probably wouldn’t know that there are two types of loan available – full documentation (full doc) and low documentation (low doc) loans. Self-employed borrowers or those who also can’t produce the usual documents to prove their income can look at a Low Doc loan to achieve their goal of home ownership.
Low Doc home loans, also known as alt-doc or lite-doc loans, are useful lending solutions for freelancers, contractors, and other self-employed people who are unable to provide proof of income through payslips and other traditional means. Plus, the interest rates and additional fees are quite often very similar to a standard loan with Seek Mortgages.
If you are self-employed, contact the team at Seek Mortgages today and find out if a Low Doc Home Loan is the right solution for you.
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Available Features Of Low Doc Loans
With Low Doc Home Loans, you can still enjoy many of the features available with a typical home loan, such as:
Talk to the Low Doc experts at Seek Mortgages to discuss this in detail.
Documents Required For A Low Doc Loan
If your Tax Returns are not up to date or you have a complex business structure, applying for a Low Doc Home Loan might be a good idea for you. Tax Returns and payslips are not required, as long as you can provide alternative paperwork to substantiate your income.
Here are some of the documents you might need to provide during the application process for a Low Doc Home Loan:
Get in touch with Seek Mortgages today and find out what paperwork you need.
Can Low Doc Home Loans Be Refinanced?
Yes, but before considering refinancing your Low Doc Home Loan, remember that you’ll still have to reapply for the new loan. Just because you qualified before is not a guarantee that you will automatically be approved now.
That’s because you may be subjected to increased eligibility testing and documentation requirements. So, the best advice if you are refinancing a low-doc loan or buying a new property is to always ensure that your financial records are updated continuously.
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