If you wish to raise finance against an existing property and are self-employed then you may find a secured loan provides an ideal solutions. Secured loans that are also referred as homeowner loans or second charge mortgages allow homeowners to take out additional funding secured against their home without the need to re-mortgage or change their existing mortgage arrangements.

Online credit brokers Lending Expert can help find self-employed loan deals from across a wide range of second charge lenders and have access to exclusive deals @ 95% MAX LTV. Secured loans can be arranged against residential homes and non-regulated buy to let property investments.

What proof of income is required?

If you’re self-employed or a company director and wish to raise finance against your home then you will need to evidence your income by way of a SA302 documents from HMRC or your latest business accounts. How much evidence you will need to provide will vary from lender to lender so please enquire and our brokers will help you to understand fully what is required from each lender to proceed with an application.

Can I get a secured loan without proof of income?

Yes but only if you wish to take out a secured loan against a buy to let property (non-regulated). We have a specialist lender on our panel where evidence of the AST alone is sufficient and there is no requirement to show evidence of the rental income or any personal income. If you are unsure if this applies to your circumstances then please contact us to clarify.

What type of properties can loans be secured against?

• Properties in England, Wales and Scotland

• HMO

• Holiday and student lets

• Buy to let loans on both a first and second charge basis

• Non-standard construction homes

• Semi commercial property including flats above shops and maisonettes

• Unencumbered property with no mortgage

• Lower value properties accepted that fall below minimum lending requirements of mainstream mortgage provider

Applicant types

• Applicants over the age of 18, and 21 with some lenders

• Those in receipt of benefits or pensions are considered

• Pensioners and retired over the age of 65, 70 and older are considered

• Self-employed applicants with credit issues such as bad credit history, CCJ’s past defaults and bankruptcy

• Self-employed contractor workers, directors and small business owners

• Landlords who own multiple buy to let properties, unemployed or who cannot show proof of income

• Limited company applications accepted

• Applicants with no mortgage history

How much can I borrow?

How much you can borrow will depend on how much equity you have in your home, affordability and your income status. Loans can be arranged up to 100% loan to value for some customers and finance can be arranged from £10,000 to £2.5 Million with repayment terms from 3 – 30 years across various lenders. 

Key features for specialist self-employed buy to let secured loans

• Options for unemployed landlords without proof of income

• Rental income alone is adequate proof of income

• No rental stress requirements

• Loans up to 95% loan to value

• Landlords and small business owners who are newly self-employed and have less than 2 years of accounts

• Applicants who have a family member willing to provide a 25% gifted deposit

• Ex pat landlords

Lendingexpert.co.uk offer self-employed secured loans and second charge mortgages from £10,000 to £10,000,000 for a wide range of reasons including raising money for business purposes, buy to let property, debt consolidation and making home improvements. Loans can be arranged quickly for any legal reason.

Contact us for a quote online or pick up the phone to speak with a CeMap qualified advisor on 0161 820 8099 for no obligation advice.

References:
https://feasible.co.uk/loans-self-employed/