The latest figures from the Office for National Statistics show self-employment is at its highest point since records began over 40 years ago, this means nearly 17% of UK workforce is now self-employed.
This ever-increasing sector of the UK workforce is probably the most in need of specialist lenders. A large number of high-street lenders appear not to be interested in them at all as they see them as high risk.
This also applies to not only the self-employed but pretty much any working person in non-standard employment. Regular lenders seem to class this category of the work force as “too difficult” thus the need for specialist lenders.
If you are self-employed and have a current mortgage a second charge loan could be just the help you are looking for. Second charge loans are fast to complete and far more flexible than any re-mortgage. A second charge loan offers a quick affordable solution to raising cash secured on your home. As lending to the self-employed is a specialist market it is recommended to contact an independent broker to get advice as to which loan suits your needs. Independent brokers have access to various lenders who offer very competitive rates in all areas of lending.
One of the many advantages of a second charge loan is it does not affect the first charge mortgage sitting on the property. In this case it makes a second charge a very cost-effective option and can save thousands on exit fees on the first charge mortgage.
Need some help?
If you think this form of loan could assist you in your planning please do get in contact and one of our qualified advisers will be happy to guide you in the correct direction.