How to use a loan.
Today is about how to use a loan and who can access one. The focus today is on affordability.
Income multiples may be ignored – no loan-to-income caps
The second charge income and affordability assessments can support far larger advances when capital raising.
If income multiples don’t fit for a remortgage, they probably will for our second charge lenders.
Recent job changes – probation period isn’t a problem
Some second charge lenders tend to take a more relaxed view, especially if the previous job was in the same sector.
Contract workers – even with some arrears and CCJ’s
If it’s a short-term/recent contract, how long have you worked in that sector?
If the stability is here, even if there are other problems in the background, please check with me.
Recently self-employed – less than 12 months
There is a lot of development within the sector and there are still lenders available where a period of short self-employment is acceptable. Some will work on an accountants projection from the first 6 months, with low early repayment charges, so that you can refinance easily once self-employment is established longer-term. Poor credit is also accepted, so it may not be the cheapest option, but it allows wriggle-room until you can return to mainstream borrowing.
I hope you liked this How To Use A Loan article; if you think a loan is affordable to you but a lenders policy decision may stop you getting a mortgage, please do check with me or use the enquiry form below. I may have a second charge option which you could find suitable.
Let us say “Yes, we can help” – For Second Charge How To Use A Loan assistance
Office Telephone: 01379 644061
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THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME