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Debt consolidation, home improvement, self-employed, bad credit

Get Rid of Your Debts with a Self-Employed (No Proof of Income) Secured Loan

The celebrated British actor Peter Ustinov once remarked that “The only reason I made a commercial for American Express was to pay for my American Express bill”.

Britain is a nation of borrowers. The total UK personal debt at the end of July 2010 stood at a staggering £1,456 billion and the average household debt in the UK (excluding mortgages) is £8,628.

If you are paying high rates of interest on credit cards or personal loans, you may want to consider consolidating these debts with a secured homeowner loan. However, if you are one of the four million Brits who are self-employed, getting a loan can often be hard. Your earnings are often uncertain and variable and your income may come from a number of different sources.

So, why not consider a self employed secured homeowner loan?

Why Consolidate Your Debts with a Secured Homeowner Loan?

Many personal loans carry high interest rates and it is not unusual for credit card interest rates to reach between 15 and 20 per cent. According to Credit Action, the average interest paid by each household on their total debt is approximately £2,656 each year.

So, you may want to reduce the amount of interest that you are paying. Alternatively, you may wish to simplify your finances by consolidating various cards and loans into one, larger loan.

A secured homeowner loan allows you to borrow against the equity in your home. The amount that you can borrow is typically determined by the value of your home and the equity that you have.

Remember that by consolidating unsecured debts into a secured loan, you are putting your house at risk if you don’t keep up your repayments.

Self-Employed Secured Homeowner Loans Take All Your Income into Account

One of the main problems that self-employed people face when taking out mortgages and loans is that it can be difficult to prove your income. Company accounts often don’t reflect the true level of your earnings when factors such as expenses and depreciation have been taken into account. Your self-employed income can also be extremely volatile with earnings often seasonal or unpredictable.

A self-employed secured homeowner loan takes all of these factors into account. Lenders understand that self-employed people don’t always have regular, stable earnings and they also understand that your accounts may not be a 100% true reflection of your personal earnings.

So, if you are looking for a low cost way to consolidate your debts and you are struggling to obtain finance from other sources, a self employed secured homeowner loan can be a great solution.

No Proof of Income Secured Loan

One of the main advantages of a self-employed secured loan is that many lenders won’t actually need to see any proof of your earnings. These are called ‘self-certification’ (or ‘self cert’ loans).

With a bank or building society, you may have to provide reams of documents to try and obtain a loan. Often you will be asked to supply three years worth of company accounts as well as business bank statements. If you have not been trading for three years or you don’t religiously keep your bank statements, you may struggle to get the loan you need.

A no proof of income secured loan requires you to sign a declaration confirming your income is as stated. The lender won’t need to see any proof of your earnings.

To use your home to raise money at a competitive APR, please fill this homeowner loan form.

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