Are You Self-Employed? Here’s How to Get a Loan, The Easy Way

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Being self-employed and trying to make ends meet financially can be a struggle sometimes. Whether you need some investment money or other types of loans, you may get your loan application rejected based on the fact that you are self-employed. But there are many other better ways to get a loan, and the simplest way is applying for a low-rate secured loan specifically designed for self-employed individuals. Below is more information on this type of banking solutions, encompassing everything that you need to know about these before applying for one.

Secured loans – What are those?

Secured loans are banking products that are designed for those owners that want to raise finance against an existing property. Frequently, you will find these types of loans referred to as second charge mortgages or homeowner loans. These solutions allow those people who are homeowners to find the necessary funding without having to re-mortgage their existing properties.

Do I need any sort of income proof?

Naturally, if you are self-employed or own your own business, you will have to prove in some way the fact that you generate money. when searching for similar funding options, make sure that you discuss with a loan broker and get all the needed information. They will paint a clearer picture for you, documentation-wise and you will have a better idea on how should you proceed.

What if I don’t want to get a secured loan without proof of income?

You should know that proceeding so is possible but only for those owners who want to access a loan only if you want to take out a secured loan against a buy to let property. Specialised brokers will help you clarify which type of loan is the best for your own case, so don’t hesitate to contact your secured loans for self employed broker.

What types of properties can be used in the process?

There are certain types of properties that can be used to secure loans against and some of the most common are described below.

  • Buy to let properties;
  • Non-standard construction homes;
  • Flats above shops;
  • Semi-commercial properties;
  • Lower value properties that are estimated lower than the minimum requirements of traditional lenders;
  • Holiday and student let properties.

Is there a maximum amount that I can borrow?

Naturally, like in any other loan’s case, there is a minimum and maximum that you can borrow. The usual amount in these loan’s case varies between £10,000 to £2.5 million, an amount that can be repaid between 3 and 30 years, depending on the value.

What conditions do I have to meet?

To get a specialist self-employed buy to let secured loan, you need to:

  • Be a landlord that has no proof of income;
  • Your rental income is the only proof of income that you have;
  • You are a landlord or small business owner with less than 2 years in accounts;
  • Expat landlords.

Not having an actual proof of income shouldn’t prevent self-employed or small business owners from expanding their capabilities and these types of loans are just the perfect solution.

August 2022