Loans for self employed – no accounts – poor credit
Loans for self employed
This new product will be of benefit to clients with heavier adverse credit or those who have difficulty proving all of their income and will significantly help self employed borrowers who’s business or credit has suffered in the recent past.
Equifinance have now introduced secured loan plans which increase their loans to £30000 at 65% LTV. This includes applicants with heavy adverse or those who cannot easily prove all income.
For applicants with reasonable credit, good equity and borrowing over £20K we may also be able to negotiate lower interest rates which undercut other lenders in this area of the market.
As a reminder, Equifinance already holds a unique position as the only lender which will consider loans up to 75% LTV with heavy adverse or poor income proof. They are also very helpful where the property is ex council or the property value is below £100K (and will consider valuations below £90K if a lower LTV).
Whilst other lenders may accept arrears and bad credit, they will also require full income verification via an accountant or bank statements. For some self employed applicants ( cab drivers etc) only Equifinance enables them to borrow up to the full potential of their actual earnings and has funding in place to deliver quickly.
If any of your clients have high adverse credit or difficulty proving all income (or both), please bear this lender in mind for loans up to £30000. Due to good levels of funding available loans are paid out quickly.
The new plans have been added to the Promise Sourcing Portal so you can compare them with other lenders
If you have previously sourced a loan for clients needing more than £22K on a more “self cert” type product, it may be worth refreshing these enquiries on the sourcing system.
Remember Promise has the widest lender panel by far – currently 18 secured lenders. Most other master brokers/packagers offer 8 to 10 lenders.
01902 585052
Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.
More than 50% of borrowers receive offers better than our representative examples
The %APR rate you will be offered is dependent on your personal circumstances.
Mortgages and Remortgages
Representative example
Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
Secured / Second Charge Loans
Representative example
Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20
Unsecured Loans
Representative example
Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.
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.
Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
Website www.promisemoney.co.uk