Homeowner Loans UK
Self-employed? You can still benefit from cheap loans
Things have changed in the loans market: in the past, when self-employed people tried to get homeowner loans UK lenders were wary, and often charged high interest rates – if they didn't reject the application out of hand. These days self-employed people are welcomed by most lenders.
For self-employed people, getting loans used to be a nightmare. However, you'll find that if you apply for homeowner loans UK lenders are happy to consider people who work for themselves, and you don't need to produce a mountain of paperwork or pay higher interest rates either.
When self-employed people apply for homeowner loans UK lenders need to be sure that you earn what you say you do. To prove your income you'll usually need to provide a copy of your last few years' accounts, or if you don't produce accounts then copies of your last few tax returns. Alternatively, many lenders will ask for details of your accountant so they can check you're not exaggerating your profits.
If you don't have an accountant or haven't been in business long enough to have accounts or tax returns, it may be worth considering a self certification loan, where you don't need to provide paperwork. However, if you've only recently taken the plunge into self-employment you may find lenders view you as too much of a risk – the same way someone who's just started a brand new job can often find it difficult to get a loan.
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