Bank loans for self-employed people.

[ruth_willow]

Hello,

I want to borrow £15k to help buy a boat but I am self-employed. I do have a near perfect credit rating though (971 out of 1000) Does anyone have any recommendations of where to look? Obviously I will say I am buying a car etc.

I've tried HSBC and if you're self employed they want a tax return. This is okay but tax returns are kind of quite far in the past and the last one I filed in for 2014 - 2015 was the year I was doing an MA so there isn't mega bucks recorded, about £10k. There will be more on my next one which is due in January so could wait until then.

Any advice appreciated.

Thank you,

Ruth

[Penfold]

Am I being a bit slow....Why would you obviously say you are buying a car?

 

The joys of being self employed....Loans/mortgages, you do have to jump through their (the lenders) hoops

[Neil2]

What sort of boat?

 

What will you use it for?

[NickF]

If your tax return is due in January you could do it now!

[Laurie Booth]

Hello,

I want to borrow £15k to help buy a boat but I am self-employed. I do have a near perfect credit rating though (971 out of 1000) Does anyone have any recommendations of where to look? Obviously I will say I am buying a car etc.

I've tried HSBC and if you're self employed they want a tax return. This is okay but tax returns are kind of quite far in the past and the last one I filed in for 2014 - 2015 was the year I was doing an MA so there isn't mega bucks recorded, about £10k. There will be more on my next one which is due in January so could wait until then.

Any advice appreciated.

Thank you,

Ruth

Why wait to do your tax return? I did mine in May this year.

[Sea Dog]

Am I being a bit slow....Why would you obviously say you are buying a car?

 

The joys of being self employed....Loans/mortgages, you do have to jump through their (the lenders) hoops

Pity a few more lenders didn't explore whether any of their borrowers could pay them back just a few years ago.

[Laurie Booth]

Pity a few more lenders didn't explore whether any of their borrowers could pay them back just a few years ago.

They didn't have to, as they were selling on the loan.

[series3]

You'll need five years of accounts.

If you're going ti lie why bother?

You don't need to tell them what the money is for.

You should bo ok with your credit score

[Sea Dog]

They didn't have to, as they were selling on the loan.

Nor did they have to carry the can - they just got a taxpayer bailout and somehow passed the blame for the consequences onto the nasty old baby boomers.

 

Anyway, back on to the OP's query, be careful of asking too many companies as the resulting credit checks may affect your rating. There's quite a few loan providers with online applications who do 'soft searches' which don't show up. Also some will match rates, so you might get a competitive rate from somewhere you'd not be keen on and get it matched by a provider you're happier with. Who to chose depends very much on your own circumstances so you need to research a bit, but I believe Sainsburys are one of those who soft search and match.

[ruth_willow]

Am I being a bit slow....Why would you obviously say you are buying a car?

 

The joys of being self employed....Loans/mortgages, you do have to jump through their (the lenders) hoops

Oh, someone told me to say that because they don't like giving you a loan for a boat. I could try and just not say anything though, that's fine too!

You'll need five years of accounts.

If you're going ti lie why bother?

You don't need to tell them what the money is for.

You should bo ok with your credit score

Really? Ah s### if I need 5 years of accounts I'm basically ####ed because I've been a student for 3 of those years earning quite little. Is 5 years normal? Edited October 19, 2016 by FadeToScarlet

[Alan de Enfield]

Borrowing £15k

 

What's the likely LtV ?

 

You may stand more chance of getting a mortgage if you have a fair chunk as a deposit and the boat has sufficient value that in the event of default the lender can easily get their money back.

You will be more likely to get the mortgage if the boat is worth £30k than if it is worth £16k

 

There are still a couple of marine mortgage (inland waterways) providers available but the main ones have pulled out of the market in the last few years.