Personal homeowner loans for tax

It’s that time of year again

Time to pay our tax.

A lot of people will need help paying their tax in the next month or so, especially as HMRC no longer accept card payments for personal and business tax

Here are a few additional solutions to consider:

Personal homeowner loans for tax

• There is a massive choice of secured loans up to 100% loan to value – even for people with slight credit problems or arrears.
• Rates start at around 3.5% for applicants with good credit history’s and plenty of equity in their home.
• Very bad credit and recent arrears considered at 75% loan to value at rates around 10%
• Proof of affordability is always required but lenders are available with a sympathetic view on contractors, self employed, benefit income etc.
• Loans are available for personal / business tax.

Business Loans for tax

• Will lend to businesses and secure the loan on the borrowers main residence.
• Leading high street rates or specialist lenders for more complex cases

• Start up loans available or for businesses with poor trading accounts – they will consider using the borrowers cash flow forecasts
• Some business lenders will lend without equity or totally unsecured – even with some poor credit if the story makes sense.
• We have numerous lenders covering different geographical areas in the country – ask us what’s available in your area.

Personal unsecured loans

• Numerous options but limited if your credit history isn’t perfect
• If you have just failed a high street lender credit score you may get rates of 6% to 15% from secondary lenders.
• If your credit history is worse expect typical examples around 50% – this may be too high for you.
• For very poor credit you may be offered payday loans – not a good option as so expensive – rates around 1,000% not uncommon

When borrowing over more than 1 year to pay a tax bill, it’s worth asking yourself “what’s the plan for next year?” so you don’t dig an even deeper hole with HRMC. The lender will probably want to know.

Also many lenders don’t like agreeing loans for significantly overdue tax so action needs to be taken immediately so you don’t fall behind. This can help you get maximum choice of lenders and better rates

Talk to an expert at Promise, whether it’s personal or business tax you need to pay