Being self-employed should not force you to pay higher interest rates
- Are you self employed and have limited financials?
- Have you just started your own business?
- Do you find it difficult to provide up-to-date financial statements?
- Do you have tax returns that aren’t up to date?
- Do you have irregular income from various sources?
- Do you have irregular payslips?
- Do you have trading figures that don’t genuinely reflect your precise income situation (due to addbacks, once off expenses or legal tax minimization strategies)?
If you said yes to one or more of these questions, then you need to call us. You should not be prevented from receiving the benefits of competitively priced finance.
If you know you can afford a loan, a lack of financial information should not prevent you from purchasing that special property.
Recently the finance market has seen the introduction of no documentation or low documentation (no/low doc) loans at rates similar or equal to standard home loan rates. These loans are suited to the self employed or those who can’t substantiate their income.
That’s right! No/low doc loans at home loan rates!
Many self employed business owners structure their business for growth or tax efficiency, sometimes making it difficult when applying for a home loan. There are now many lenders who have more flexible criteria to help you achieve your financial goals.
Low doc loans require you to provide an income declaration form detailing your income thereby removing the need to provide full financials with your application. With no doc loans, there is no need to declare your income; however you do need to state that you can afford the repayments.
These loans are designed for the self-employed and investors, however employees may also qualify.
Applying for a no/low doc loan avoids the normal paper warfare associated with traditional loans.
Both loan types allow you to purchase or refinance residential property whilst providing no (or limited) income details. This process is called self-verification.
There are many different types of no/low doc loans, all of which are designed to address different circumstances.
If you would like to find out more about how we can help your particular situation, call the office today.
If you know any self employed people looking for finance, please call us with their details. We’d love to help them