If you are self-employed and looking for UK secured loans, you may be finding it a harder task than you first thought. You may have been turned down already for previous self employed loans applications, simply because you are self-employed.
The majority of UK lenders require 2 or 3 years full accounts from self-employed people when assessing their income for the loan application. For the majority of people who are self-employed, this can sometimes pose a problem.
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Complete the form or call us free on
0800 980 6115
UK Homeowners Only
Tenants Please use The Form
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More often than not, two years accounts are not always available, and if they are, they do not always reflect the full amount earned as salary in a year. Also early years running your business as a sole proprietor or on a self-employed basis, do not necessarily show large earnings in the accounts. It is for this reason that most lenders reject a personal loans application due to lack of earnings or lack of proof of earnings.
However, help is now at hand. We have self employed loans plans available for the self-employed where they need not show any proof of income. You can now borrow up to 80% of the value of your property without having to prove any income at all, earned income being shown on a self-certification basis (self-cert). This applies for incomes up to £50,000 per annum. Incomes greater than £50,00 may need a letter from an accountant stating affordability. You will need to have been self employed for a minimum of 12 months, and own your own home, and have a relatively good credit history.
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Secured Loans For The Self Employed
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER DEBT SECURED ON IT
Typical 10.9% APR Variable