That’s over 5 million self employed people who probably don’t realise how many options they have to raise money personally or for their business.
If you are not one of them, someone you know is bound to be.
Back in the days of the credit crunch, the self employed were hit really hard. They had got used to self certification mortgages and if all their income wasn’t declared it didn’t really matter.
For personal mortgages self certification has gone and proving affordability is vital
However many non high street lenders today understand self employed borrowers better and can accommodate sole traders, zero hours contracts, how agency workers are paid and limited company owners.
For business finance, there are still lenders offering even greater flexibility for sole traders and limited companies.
For example we have a lender which covers the Midlands offering unsecured loans to businesses and sole traders up to £100,000 – even if the accounts are not up to date and even if there are a few credit problems or arrears.
They will even lend to new start businesses based on projections if the overall deal makes sense.
The team at Promise have spent the last 10 years helping self employed borrowers access the lesser known lenders and products including:
• Secured Loans
• Residential mortgages
• BTL, HMO and multi unit mortgages
• Commercial mortgages
• Unsecured business loans
• Short term bridging loans
• Development finance
If you are self employed, talk to Promise about the options available to you personally or your business We have all the experts you are likely to need – all under one roof
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.
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
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
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
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 04822774Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
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