No doc mortgage applicants should reconsider fixed interest rate mortgage options
If you are considering looking into a no doc mortgage, one in which no legal documentation is required, you may want to forego a fixed interest rate mortgage and look into variable interest rate options instead. This is because as tradeoffs for relying on your credit history alone without verification that you work and own the assets you say you do, you generally will have to pay 2% more interest on your mortgage than you typically would. Therefore, you want to always a approach a no doc mortgage with a clear picture of what you can afford to pay on a mortgage with high interest included.