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Personal homeowner loans for tax

It’s that time of year again

Time to pay our tax.

A lot of people will need help paying their tax in the next month or so, especially as HMRC no longer accept card payments for personal and business tax


Here are a few additional solutions to consider:

Personal homeowner loans for tax

  • There is a massive choice of secured loans up to 100% loan to value – even for people with slight credit problems or arrears.
  • Rates start at around 3.5% for applicants with good credit history’s and plenty of equity in their home.
  • Very bad credit and recent arrears considered at 75% loan to value at rates around 10%
  • Proof of affordability is always required but lenders are available with a sympathetic view on contractors, self employed, benefit income etc.
  • Loans are available for personal / business tax.

Business Loans for tax

  • Will lend to businesses and secure the loan on the borrowers main residence.
  • Leading high street rates or specialist lenders for more complex cases
  • Start up loans available or for businesses with poor trading accounts – they will consider using the borrowers cash flow forecasts
  • Some business lenders will lend without equity or totally unsecured – even with some poor credit if the story makes sense.
  • We have numerous lenders covering different geographical areas in the country – ask us what’s available in your area.

Personal unsecured loans

  • Numerous options but limited if your credit history isn’t perfect
  • If you have just failed a high street lender credit score you may get rates of 6% to 15% from secondary lenders.
  • If your credit history is worse expect typical examples around 50% – this may be too high for you.
  • For very poor credit you may be offered payday loans – not a good option as so expensive – rates around 1,000% not uncommon

When borrowing over more than 1 year to pay a tax bill, it’s worth asking yourself “what’s the plan for next year?” so you don’t dig an even deeper hole with HRMC. The lender will probably want to know.

Also many lenders don’t like agreeing loans for significantly overdue tax so action needs to be taken immediately so you don’t fall behind. This can help you get maximum choice of lenders and better rates

Talk to an expert at Promise, whether it’s personal or business tax you need to pay

    Find a secured loan

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    More than 50% of borrowers receive offers better than our representative examples. The %APR rate you will be offered is dependent on your personal circumstances.
    Secured / Second Charge Loans secured on your home
    Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55.730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.2
    LOANS SECURED ON YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

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    Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.

    More than 50% of borrowers receive offers better than our representative examples

    The %APR rate you will be offered is dependent on your personal circumstances.

    Mortgages and Remortgages

    Representative example

    Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66

    Secured / Second Charge Loans

    Representative example

    Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20

    Unsecured Loans

    Representative example

    Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.


    THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

    REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.


    Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774
    Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

    Authorised and regulated by the Financial Conduct Authority – Number 681423
    The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

    Website www.promisemoney.co.uk