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
2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:
Mortgages and Remortgages
£80,000 over 240 months at an APRC OF 4.3% and a discounted variable annual interest rate for two years of 2.12% at £408.99 per month followed by 36 payments of £475.59 and 180 payments of £509.44. The total charge for credit is £39,873 which includes a £995 broker / processing fee and £125 application fee. Total repayable £119,873.
Secured / Second Charge Loans
£63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, total charge for credit is £42,584.52 which includes a £2,690 broker / processing fee. Total repayable £105,584.52.
£4,000 over 36 months at an APR OF 49.9% (fixed) and an annual interest rate of 49.9% would be £216.21, total charge for credit is £3,783.56. Total repayable £7,783.56.
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.
If you have been introduced to Promise Money by a third party / affiliate, Promise may pay them a share of any fees or commission it earns. Written terms available on request. Loans are subject to affordability status and available to UK residents aged 18 or over. Promise Money is a trading style of Promise Solutions Ltd. Promise Solutions is a broker offering products which represent the whole of the specialist second mortgage market and is authorised and regulated by the Financial Conduct Authority – Number 681423.
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