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If you are self-employed and you have had to get a mortgage then you will be more than aware of how much evidence you need in order to be able to convince a lender to provide you with a loan. If you do not have this evidence you will find that lenders will not be prepared to provide you with a loan as they will perceive you to be too big of a risk. Therefore if you are attempting to get a loan in order to improve or expand your business you may find that you struggle to get the loan you want.
If you are a homeowner and you don’t have the documentation of proof of income that you need in order to get an unsecured loan there is an alternative option you can take. You could potentially take out a secured loan that uses your home as security. This then makes it a far less risky option for lenders as there is something that they can use in order to get their loan back should you not be able to maintain the payments. However you do need to be aware this is a more risky option for you as you will not only have your mortgage secured against your home, you will also have your loan secured against it as well and so you will have to ensure that you maintain your payments for both.
The interest rates you will pay will very much depend on the loan amount you want, the term over which you will repay the loan, and also your personal financial situation. If you have a good credit history you are going to be able to get better loan deals than if you have a poor credit history. The lowest rates available on this sort of loan sit in the 5-6% area, and the higher rates can be anything up to 20%.
For self employed applicants lenders will need proof of your income to ensure that you can afford the loan repayments. These may either be in the form of SA302 documents from HMRC or your accountant and/or you business or company accounts. Some lenders may also ask for details of your accountant so that they can verify any income claims you make.
Buy to let applicants have a small selection of options that allow you to take out a buy to let loan without proof of income. This product is ideal if you can’t proof your income, are self employed or work on a low income.
If you are planning an expansion or your business, or even just raising the capital to start your brand new business, you will need to make sure that your investment is going to pay off for you so that you will be able to repay your loan. Being fully aware of your business, the potential for growth, the current market in your area of business, you actual or projected annual turnover are all things you will have to be able to take into consideration when considering your business loan. This is because you do not want to be in the position where you take out a large loan, only for your business not to improve its annual turnover. Many business loans, even if they are secured loans against your home, will require you to provide justification for taking out your loan in the same way as people who take out homeowner loans are required to do.
Although a secured loan is a loan rather than a mortgage, it is secured against your home and so has far more in common with a mortgage than a personal loan. Therefore you can find advice on the loan options available to you through a broker who specialises in providing secured loan products for self-employed people. When it comes to the self-employed, many loans are provided on an individual application basis and this is where a broker is vital as you are likely to miss out on a number of deals if you rely on internet searches only for information.
Getting a loan when self employed either as a company director or a sole trader can be more challenging.
Often, the lenders proof of income requirements are more indepth such as the requirement for HMRC SA302 forms and further backround checks on your business and it's profitability. If you are looking to take out a larger homeowner loan for example, often it is an advantage to use a broker who can help you collate the neccessary forms and requirements to the lender needs.
No, there is no reason why you wont be eligable for the best rates while self employed. This is assuming you have a good credit rating and no history or missed payments or issues that may be present on your credit report. If you are in doubt then it is quite simple to sign up to one of the many free credit reporting agencies to further undertstand your credit report.
No. Lenders will need proof of your income to ensure that you can afford the loan repayments. These may either be in the form of SA302 documents from HMRC or you business accounts. Some lenders may also ask for details of your accountant so that they can verify any income claims.
Yes. There are lenders who will consider applicants with a lower credit score or a history of bad credit. Each lender will have their own requirements. If you are unsure they a loan broker can help place your application with the right type of lender who is more likely to accept your loan application.
No. All lenders will require you to have a credit check to ensure your credit worthiness and suitability. However there are a range of lenders who accept those with bad credit and who are self employed.
Yes. There are a range of lenders who accept applications from pensioners who are both self employed and over the ages of 60, 56, 70 and 75 and beyond.
Yes. There are many lenders who offer loans for business purposes. This may be for sole traders or directors who wish to take out a loan for their limited (LTD) company.
If you are self employed and working reduced or part time hours then this will not effect your ability to get a loan assuming your income needs are enough to cover the loan repayments. The lender will access the affordability of the loan while taking onto consideration your earning ability and expenses.
No. All unsecured lenders require a credit check to check your creditworthiness. They will also check your file to see if you have any other outstanding credit issues, missed payments or CCJ's.
Yes. There are many second charge lenders who are willing to offer secured loans on buy to let property. If you are self employed and require a secured loan on your BTL then this should not be a problem as long as you can provide adequate proof of income.
If you're self employed and need a low rate loan we can help. Apply in confidence with Lending Expert.
If you're a pensioner or over the age of 65 and need a loan we can help. We can quickly check your eligibility online.
If you have bad credit issues or a low credit score and need a loan we can help.
If you're a homeowner and wish to consolidate your debts into an easy to manage loan we can help. Check your eligibility and compare rates with Lending Expert.
Take out and apply for a second charge mortgage with the help of our expert loan brokers.
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