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There are many different types of self-employment, which can make it confusing when it comes to understanding your eligibility for a secured loan.
This is especially true if you’re relatively new to self-employment, have changed to a new self-employment category or work as a director in a limited company.
To make things a little clearer we cover some of the more specific questions we are asked about being self-employed and how it works with secured loans.
We offer options for sole traders, company directors, contractors, freelancers, and other forms of self-employment
If you have been self-employed for one year, we can connect you with several secured loan lenders that would be willing to accept an application.
Part of the eligibility requirements may include being self-employed for a minimum amount of time, so the lender can verify your annual income.
Most will need an Accountant’s certificate or the latest year’s audited accounts and your tax calculations with tax overviews, potentially they may ask for 3 months of Business bank statements.
We currently have one lender who will consider applicants who have been self-employed for six months, provided they have previous experience in their industry, can show six months of business bank statements demonstrating income, and their accountant can provide a 12-month projection. For example, this would apply to someone who was employed in a trade for several years and has now gone self-employed.”
To help you understand exactly what kind of information you need to provide as part of your application, our team are on hand to answer any questions you have about the process.
Most of our lenders for LTD company owners require an accountant certificate and Accounts however we do have one lender that will work off just using your SA302 ( Tax overview and Tax calculation)
Get in touch and tell us more about your situation, including the type of documents you have access to, and our expert advisors will take care of the rest.
This comes down to the percentage of shareholding you have in a business or partnership. Lenders will ask this question to get a better understanding of your employment status so they can apply the relevant eligibility criteria.
In most cases, if you own more than 25% of a company, you will be categorised as self-employed.
There are instances where the minimum requirement can be higher, so if you are not sure how a lender categorises you, before you start your application it’s a good idea to speak with us directly and we can check for you.
Because dividend payments are a common source of income for limited company owners, this can usually be included in your affordability assessment.
Depending on the lender, you may need to meet some additional ownership criteria to include as income. But this is not always the case, and some lenders are happy to use other forms of documentation to confirm how much you earn.
However, we cannot use director’s loans as income
There is usually a way to find a solution that works for both parties and speaking with one of our advisors can help to clear things up, as they can give you more specific answers based on your specific circumstances.
One of the best things about secured loans is that they are available to a wide variety of people, including those who have changed their category of employment.
So, if you were previously registered as a sole trader and have since incorporated the business as a limited company, this is something that most lenders are happy to consider.
Lenders usually require that you meet certain trading and accounts-related criteria, but these requirements will be made clear before you start your application. Typically, they will ask your accountant to confirm that the limited company is a continuation of your sole trading business. Additionally, the accountant may need to provide the previous year’s figures for the sole trader and a current-year projection for the limited company
We work with a lender who are open to letting applicants use retained profits in their affordability assessment.
This is typically done on referral and will have a minimum 2 years of profits to retain with in the business
If you are a director of a limited company and want to include net profit in your affordability assessment rather than just salary and dividends, this is accepted by some of our lender, the lender will just ask you to verify the income by providing the relevant documents.
Getting a quote won’t affect your credit score
Over the years we’ve helped countless customers who have been part of a Limited Liability Partnership. We partner with several specialist lenders who have experience in this area, so we can suggest some of the most suitable options available to you.
We work on referral for self-employed property investors, consultants and developers, so once we understand more about your circumstances, we can offer a solution tailored to your needs.
The best place to start is to get in touch with the Willows team who can answer your questions and give you more details about how the process works.
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This should not create any barriers when it comes to applying for a secured loan.
If someone who works in a family business There may be one or two additional pieces of information required by the lender to verify income, but we can tell you exactly what’s needed once you get in touch, in most cases they will require additional back-up along with payslips usually in the form of bank statements or Alternatively, a letter from the l accountant of the business confirming the applicant’s salary
We’re extremely proud to be rated ‘Excellent’ for our service standards. We’ve helped thousands of customers across the UK over the last 15 years to find the right finance for their needs – no matter how complicated the circumstances. And we look forward to helping you.
If you are self-employed and unsure about your eligibility for a secured loan, our team of expert advisors are on-hand to answer your questions. Whether it’s about the type of documentation you need to supply, your employment status, trading history or anything else, we’ll do everything possible to give you clarity so you can plan what to do next.
If you are a contractor or a CIS worker, our Contractor Secured Loan Guide will help you navigate your financing options.
Our friendly team of brokers are on hand to answer any questions you have about self-employment and secured loans. You can get in touch with them today by calling 01656 766 158 and they’ll be more than happy to help.
If you have a question – we’d be happy to talk to you – simply call us…
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Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Authorised and regulated by the Financial Conduct Authority
Firm Reference Number: 670052
Company Number: 6678545 (Registered in England and Wales)
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Other finance options may include:
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We charge a broker fee upon loan completion. The average fee is approximately 5%, depending on your situation.
Fee details:
No refund is offered after completion. You may pay upfront or add the fee to your mortgage. Fees and commission will be detailed in your ESIS and Mortgage Agreement.
You will receive a Mortgage Agreement and an ESIS document detailing:
You may cancel your application anytime before completion without any charge. Mortgages cannot be cancelled after completion.
Missing payments can lead to charges, repossession, and negative impacts on your credit rating.
Consolidating debt may result in higher long-term interest. Securing debt against your home increases risk.
Your home may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it.
If you wish to complain, contact us at:
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Tel: 01656 766158
You may be able to refer your complaint to the Financial Ombudsman Service.
We are covered by the FSCS. You may be eligible for compensation of up to £85,000 per person per firm for mortgage advice and arranging.
More info: www.fscs.org.uk
After processing your application, you’ll receive a Mortgage Agreement and have a 7-day reflection period.
Contact us during this period with any questions. To proceed, sign and return the agreement.
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