Secured loans have been available to self employed people for many years but until recently the economic climate had made them more difficult to obtain. One reason for this was because it can be harder for self employed people to prove their income.
The availability of secured loans for self employed people has started to improve and there are now more flexible ways to prove income and LTV’s (Loan to Value) have increased to 85% of the property value.
Self employed people can also now apply for a secured loan and use bank statements to confirm their income.
The secured loans market has changed in recent times to make products easier to understand and more appropriate for the needs of the consumer.
In the past, if a customer required a secured loan, they would inevitably be sold a secured loan whether it was actually the best solution or not.
Now, if a customer needs a secured loan all other avenues need to be looked into to see if there is another solution that is financially more beneficial.
Secured loans are secured against property which puts the property at risk if the loan is not repaid or falls into arrears.
It is therefore important to consider other options and only pursue a secured loan if it is clearly the best solution.
Self employed people do not receive any sick pay and should consider some form of income protection to make sure bills and loan payments can be met in the event of an accident or sickness.
Loans for any purpose.
Creditmarket has successfully helped 1000's of UK consumers find loans online and we are confident we can help you.
Creditmarket.co.uk does not provide advice directly, we put you in contact with respectable & reputable advisers who can help.
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Although based in Southampton, Hampshire we are able to provide secured loans regardless of your location in the UK including London, Cardiff, Newport, Manchester, Sheffield, Birmingham, Glasgow, Edinburgh and anywhere else in the UK.
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