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WHAT SORT OF LOAN IS BEST FOR ME
Hi Everyone,
I am a physiotherapist working partly in NHS and partly self-employed. I pay £400 per month to rent a windowless room and am thinking of adding a small extension to my house as a clinic room to run my business from home instead of renting. Could anyone advise which type of loan would be most suitable for this purpose - a personal loan or a business loan or any other type of loan. I have been self-employed now for 2 years and my house is mortgaged.
I am a physiotherapist working partly in NHS and partly self-employed. I pay £400 per month to rent a windowless room and am thinking of adding a small extension to my house as a clinic room to run my business from home instead of renting. Could anyone advise which type of loan would be most suitable for this purpose - a personal loan or a business loan or any other type of loan. I have been self-employed now for 2 years and my house is mortgaged.
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Comments
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If you go for a personal loan, check to see whether the lender will allow it to be used for business use. Otherwise a business loan, or a remortgage, although again there may be restrictions.
Your options will also be informed by the amount you want to borrow.1 -
Are business loans better or are they cheaper ?0
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Whether they're better depends on your circumstances. It's a question of rates and whether the loan is secured.
You'll need to see what rates you may get offered through the different routes.0 -
Do you own the house first. You say you rent it and the next you say its mortgaged
Mortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £56099
Cc around £32000 -
I read it that they own a home and rent a clinic room. They then want to build an extension onto their home to use as a clinic instead of renting a room.
You'd need to check that you're allowed to run a business from home; whether the council permits it, if there are any requirements on parking, whether it's allowed by your mortgage company and home insurance.
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A reflexologist I went to had converted her garage into her workspace- it had a little reception/waiting area, sink, loo etc. It seemed like a good idea to have a separate entrance, rather than strangers traipsing through your home.Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.0
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