Understanding Self-Employed Loans.
What Are Self-Employed Loans?
What’s great about a bridging loan is that it gives you the flexibility to buy a new property before you’ve sold your existing property. So, it gives you more control and takes the stress out of having to align the sale of your existing property with the purchase of your new property.
How Do You Prove Your Income with Self-Employed Loans?
As a self-employed home loan applicant, banks consider you higher risk applicants because they consider your income unstable. To prove that you have a stable income, you’ll have to provide the lender with at least the last two year’s tax returns.
Most lenders believe that the tax returns will give them a good idea of how stable your business will likely be in the future.
How Can A Finance Hub and Network mortgage broker Help You with Self-Employed Loans?
We Help At Every Stage
At Finance Hub and Networks, we can advise you on whether a bridging loan would be best suited to your circumstances.
We Compare The Market
We compare loans from various lenders to ensure you are getting the best deal.
We Do All The Paperwork
With banks clamping down on applicants with stricter lending rules, you’ll want your application to be perfect. We take care of all the paperwork!
Self-Employed Home Loan FAQs
Can I Apply for a Self-Employed Loan if I’ve Only been Self-Employed for One Year?
Generally, banks require at least two years worth of previous tax returns to prove your income. If you have been self-employed for less than that, it becomes hard to prove that you have a degree of financial certainty.
It could be that a lender would be willing to look at your income from your last job, but you’ll have to speak to your Finance Hub and Network mortgage broker about the possibility of that.
Will I Pay Higher Interest Rates?
Some lenders may charge higher interest rates if they view you as a high-risk applicant.
However, not all lenders will. So it pays to speak to a Finance Hub and Network mortgage broker to find a lender and product best suited to your personal circumstances.