Please help!!!! Newly self employed and in need of a loan.

ambermollie

Hi i'm hoping somebody can help.

My husband has recently become self employed, four months, although the majority of his work is still through his old employers with whom he was working for over 10 years. We are having some building work done on our house and now need a loan, however we are really struggling to find anyone to give us a loan due to the fact that we have not been trading for 2 years. We have found one but the APR is 12% and there are fees of £1000 before we even start the loan. We have been to our mortgage company to see if we can put the loan onto our mortgage but still have the same problem!!!

We have never had any problems getting money before as we have a good credit rating or at least we did have before going self employed. We are in need of about 30,000.

Hope this makes sense and that someone has some good ideas

jonesMUFCforever

Personal unsecured loans have a limit of £25000 so your only option is to get a mortgage or secured loan.

mightymouse

Hi

You need to see an Independent Mortgage Broker who for a (smaller than £1!!k) fee (shop around on fee) will get the mortgage you need if your circumstances are ok.

From what you say it seems like there is equity in your property but with a new business I would not have thought a personal loan with short repayment is for you.

There are plenty of Equity based mortgages to cater for your circumstances.

financial_solution

Dear ambermollie,

Am i right in assuming that you are mid-improvements already and thus cannot delay in capital-raising?.

There is insufficient info to be able to shed any light onto the situation.

Need to know following basic info:

1) Current realistic house value?
2) Current mortgage lender and balance?
3) Any adverse credit and mortgage repayment history?
4) Are you working ambermollie, with provable income, if so how much?

Somebody may be able to shed light on possibiliies,

Good luck,

Mark

ambermollie

Hi Mark
Thanks for replying
In answer to your questions, yes we are mid work!!!

We are currently with Woolwich on an Openplan mortgage
Our Mortgage is 61,000 but we have a reserve on the account of 40,000 that we are already using.
The realistic value of the house is in the region of £195,000
We have no missed payments on the mortgage or any other problems with our credit history.
I have not been in work for 2 years as I have 2 young children and I now work for my husbands company. He pays £100 per work but this has only been for a couple of months.
Hope this is of some help.

financial_solution

ambermollie,

Thanks for posting further info.

Am i right to assume that the £30,000 you wish will go on top off the £61,000 mortgage, PLUS £40,000 reserve, hence taking the total sum outstanding to approx £131,000.

I shall assume this to be so unless I hear any different.

I shall peruse this as its 12.45am.

Regards,

Mark.