Self
Employed Loans - UK
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Leading Self Employed Loans. Compare Self
Employed Loans. How To Apply for a Self
Employed Loan.
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Fone a Loan works with a range of lenders to
ensure 99% of all applications are
successful, whatever your circumstances. Jargon free application
process ensures enquiries are dealt with
quickly and efficiently.
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Homeowners Only
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Loans between
£3000-£1,000,000
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Borrow over 3 to
25 years
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Up to 125% of
property value
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Self employed
welcome
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No upfront costs
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Bridging Loans
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Discount Rates &
Payment Holidays
Available
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Mortgage
arrears, CCJ's &
Defaults
accepted
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If
you are self employed then getting a loan can often
be difficult
with lenders wanting 3 years accounts or more.
To borrow money from a lender you
have to prove that you are financially sound and
will be able to keep up repayments. Being self
employed or say working on a short term contract,
makes this harder for you to prove. A mainstream
lender will want to see at least 3 years audited
accounts as proof that your business has done well
over that time. If it has, you should be able to
borrow money from most lenders. Lenders feel they
are taking less risk with full time employed people.
As lenders look at it, if you are self employed you
have to chase things like payments and invoices, you
could be working on a short term contract, if so
what will happen when that runs out, will you
succeed in getting a new contract. They need to
believe that you will financially be able to make
payments throughout the term of the loan.
Even if you do have 3 years worth
of accounts to show a loan provider, your accountant
is likely to have minimised the amount you declared
as income for tax purposes. It is ironic that having
a good accountant can actually be your downfall in
the loan market. By downplaying your profits it
could turn out that when a lender looks at your
accounts, their assessment of how much you can
borrow is based on an income that doesn’t reflect
your ability to pay.
There are more flexible lenders out there and you
should not despair if you do not have accounts to
show as proof of earnings, there is still another
way you can get a loan, self certification could be
your answer.
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 ANY OTHER DEBT SECURED ON IT
There are a number of companies who offer competitive
self certification loans. Use one of our
free Self Cert
Loan Calculators to compare different
Loans.
Self-employed loans used to be difficult to find and
expensive. However, with more people working for
themselves, self employed loans are more widely
available and more affordable.
If you have an adverse credit history or bad credit
rating, such as mortgage arrears, credit card
problems or payment defaults, a self-employed loan
is available at a price.
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