Help for the self-employed
Currently, the second charge lending market offers a good alternative to self-employed borrowers, in particular for those with little track record or complex income structures. Products are out there whether the client has just one year of trading or is well established in their business.
Lenders are softening in their approach to the self-employed and Its believed the market will continue to grow in supplying products for this often underserved sector of the market.
The self-employed and, in particular, contract-type work does from time to time mean that the applicant will be between projects and, as such, income volatility becomes a factor.
There is a real case for products that allow for payment breaks to accommodate this along with perhaps the ability to overpay throughout the term without penalty. Lenders have seen the need for such plans and have incorporated deals in their portfolios which is good news for the self-employed.
There is likely to be more self-employed, freelance and limited company owners in the years to come. It is very encouraging to see the lenders taking on board this situation and acting in a positive manner. Small and medium businesses are making up an ever-increasing part of the British economy and, as such, it is imperative that this sector is supported appropriately.
Need some help?
If you would like to know more please do contact one of our qualified advisers and they will be pleased to assist. https://www.second-charge-loans.co.uk/latest-loan-info/