Need a loan for home extension, but covid/being self employed has plummeted my income on paper

macman

Gasgirlnikki said:

macman said:

Your income hasn't just 'plummeted on paper'. Your income has plummeted in reality. 
I might become a millionaire tomorrow, but nobody is going to lend to me today just on the basis of that possibility.

But only due to covid. I was hoping some lenders might take loss of earnings due to covid as exceptional circumstances out of my control 🤷‍♀️

Yes, it is exceptional circumstances, and yes, it is out of your control. But that doesn't alter the reality that your present income is insufficient to service the loan that you want. That is the only criteria that the lender is interested in.

Herzlos

Gasgirlnikki said:

With no more lockdowns I'm confident I could pay the loan off in 18 months. With more lockdowns it will take longer of course 

That's why it's so difficult to loan money at the moment; the risk of more lockdowns is huge; it's almost a certainty that there will be another lockdown after we open everything for the summer.