Secured Loans Are Back For Self Employed Without Accounts

Ever since their inception, secured loans or homeowner loans if you prefer, proved often to be the first choice of loan for homeowners.

As both these names make obvious, secured homeowner loans are available solely to homeowners and they at the same time need to be secured against an asset of some sort or the other .

The collateral needed is the borrowers home and as this is a security it is registered as such at the Land Registry as in fact is the first mortgage that was arranged to purchase the property originally.

Being secured loans gives them low interest rates and this is a good part of why they are so appealing to borrowers.

Another appealing feature about secured loans is that they have a wide variety of uses and can be great ways of making large purchase, paying school and university fees, buying a home in the sun, etc.

Secured loans perform many of the same functions as remortgages but the former is faster to arrange, and for those in a hurry for the funds secured loans could well be preferable.

Pre credit crunch the self employed in particular favoured secured loans as there was no need to officially prove their net profit.

All they had to do was write their own net profit on a bill head without providing anyhing else and these became known as self certs.

There are at last self employed loans available from Link Loans who deal with intermediaries and secured loans are available to people trading for a minimum of six months.

It was in fact the end of the road for self employed loans whose prospective borrowes could not provide accounts.

The equity on their property must be a maximum of 60% and the last three months bank statements are required.

What this meant was that self employed with no accounts could not obtain either secured loan or remortgages. for a period of about three years.

This meant that self employed loans for self employed people who could not fully prove their income simply did not exist any more.

Looking to find the best deal on secured loans, then visit www.championfinance.com to find the best self employed loans for you.

Tags: Home Equity Loans, homeowner loans, mortgages, remortgage, remortgages, secured loans, self employed loans

Category: Home Equity Loans