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03
Aug
Helped by Loan : Finding the Perfect Summer Internship
After graduating from college, many jobs want experience in your work field. Having a summer internship is a great way gain experience.
03
Aug
Agri-loan, key to farming success
Starting today's article with statistics provided by the Bangladesh Bank.According to IFPRI, 19 percent of farmers take loans from
03
Aug
Dealing with Delinquent Business Loans: Protecting Your Finances and Credit
brings a sense Beta Lab is a trusted digital lending platform designed to provide fast, secure, and flexible loan solutions. Whether you need funds to grow your business, consolidate debt, purchase a home, or cover unexpected expenses, we are here to support you.
29
Jul
Rev Up Your Journey: A Guide to Car Loans
I wouldn’t say it’s harder to get a mortgage if you’re self-employed, but it’s less straightforward than for an employed person. You’ll find that lenders will ask you for more documentation. They’re potentially going to look at your income a little bit more closely, compared with an employed person who will just have to provide payslips and maybe some bank statements.One of the outcomes of Covid last year was that it took a while for mortgage providers to start lending to more self-employed clients. There were minimum deposit restrictions in place. Some lenders still have these – they will ask for a 25% deposit if you’re self-employed.But most are going back to the norm now.Lenders vary in terms of how much they will lend self-employed people and the type of self-employed clients they will accept. That just means you need to do a bit more research before you apply to a lender.What if I only have one year’s accounts?You should still be able to get a mortgage with just one year’s accounts. The majority of lenders usually want two years’ history as self-employed, but some will accept a year’s self-employed income.There are even lenders who in some scenarios would accept the self-employed from day one. For example if someone who had one year’s accounts as an accountant decided to be a self-employed builder, they might struggle because there’s no work experience history. But an employed accountant moving to become a self-employed accountant is more likely to be accepted with a year’s accounts.Imagine a doctor that has worked for the NHS for five years is buying into a local, established practice. Many lenders would consider that from day one because the practice already has history. So it is definitely possible to get a mortgage with one year’s accounts, and sometimes less.As brokers we’re here to help. We’ve got a really good understanding of which lenders are most suitable for every type of client.Are self-cert mortgages still available?Thankfully not, but we have seen some companies try to set up self-certs abroad. I would avoid those companies like the plague.Self-cert mortgages are not a good idea – back in 2008 a major factor in the credit crunch for the mortgage world was self-cert, and so they’re not available anymore.Can you get a joint mortgage if one person is self-employed?It does help to have someone else on the mortgage who’s employed, particularly when it comes to credit scoring. It will also increase the amount you can borrow, because the lender will base the loan on your combined incomes.One thing to do before you apply for a mortgage if you’re self-employed is to have a look at your credit score and register on the electoral roll. Some lenders might score you more harshly when you’re self-employed as the risk to them is higher.With mortgages for the self-employed a broker really comes into their own – we can look at all the different options.What’s the difference in mortgages for a sole trader and a limited company director?A lot of this is to do with how the lenders treat you – firstly in terms of how they calculate your income. If you’re a sole trader or running a partnership, the lender will usually take two years worth of your tax returns. They’ve got various names: tax calculations or SA302s. The lender will usually work off your net profit, which is your income after your expenses. They will usually take either an average of your last two years’ net profits or use your latest year if there’s a steady increase.The main difference for a limited company is that even though you’re self-employed, you’re actually employed by your limited company and receive your income via salary and dividends. The majority of lenders will use your two years’ salary and dividend figures from your tax calculations.But there are also lenders that will disregard your salary and dividends and go for your net profits instead – that will often allow you to borrow a lot more. So, as a limited company the way lenders can view you will vary considerably.How much can a self-employed person borrow on a mortgage?Where affordability can vary is whether the lender uses the average of your last two years or your latest year. The average income might work out at, say, £25,000 but if your latest year is £40,000 that could be quite a big difference.But it’s with limited companies that we see the biggest difference in affordability. A limited company director may have taken a salary and dividend of say £40,000 – some lenders will take that as the income. But perhaps their net profit is £100,000 a year. Other lenders will take that as your income – which means a massive difference in how much you can borrow. NatWest or Halifax will use salary and dividends while Coventry and HSBC, for example, will use the £100,000.If you want a rough idea of how much you could borrow, the very general rule is about 4.5 times your income, up to a maximum of about 4.75 and, in some very rare instances, up to 5 times.
29
Jul
Unlock Your Dream Home: Explore Our Home Loan Options.
I wouldn’t say it’s harder to get a mortgage if you’re self-employed, but it’s less straightforward than for an employed person. You’ll find that lenders will ask you for more documentation. They’re potentially going to look at your income a little bit more closely, compared with an employed person who will just have to provide payslips and maybe some bank statements.One of the outcomes of Covid last year was that it took a while for mortgage providers to start lending to more self-employed clients. There were minimum deposit restrictions in place. Some lenders still have these – they will ask for a 25% deposit if you’re self-employed.But most are going back to the norm now.Lenders vary in terms of how much they will lend self-employed people and the type of self-employed clients they will accept. That just means you need to do a bit more research before you apply to a lender.What if I only have one year’s accounts?You should still be able to get a mortgage with just one year’s accounts. The majority of lenders usually want two years’ history as self-employed, but some will accept a year’s self-employed income.There are even lenders who in some scenarios would accept the self-employed from day one. For example if someone who had one year’s accounts as an accountant decided to be a self-employed builder, they might struggle because there’s no work experience history. But an employed accountant moving to become a self-employed accountant is more likely to be accepted with a year’s accounts.Imagine a doctor that has worked for the NHS for five years is buying into a local, established practice. Many lenders would consider that from day one because the practice already has history. So it is definitely possible to get a mortgage with one year’s accounts, and sometimes less.As brokers we’re here to help. We’ve got a really good understanding of which lenders are most suitable for every type of client.Are self-cert mortgages still available?Thankfully not, but we have seen some companies try to set up self-certs abroad. I would avoid those companies like the plague.Self-cert mortgages are not a good idea – back in 2008 a major factor in the credit crunch for the mortgage world was self-cert, and so they’re not available anymore.Can you get a joint mortgage if one person is self-employed?It does help to have someone else on the mortgage who’s employed, particularly when it comes to credit scoring. It will also increase the amount you can borrow, because the lender will base the loan on your combined incomes.One thing to do before you apply for a mortgage if you’re self-employed is to have a look at your credit score and register on the electoral roll. Some lenders might score you more harshly when you’re self-employed as the risk to them is higher.With mortgages for the self-employed a broker really comes into their own – we can look at all the different options.What’s the difference in mortgages for a sole trader and a limited company director?A lot of this is to do with how the lenders treat you – firstly in terms of how they calculate your income. If you’re a sole trader or running a partnership, the lender will usually take two years worth of your tax returns. They’ve got various names: tax calculations or SA302s. The lender will usually work off your net profit, which is your income after your expenses. They will usually take either an average of your last two years’ net profits or use your latest year if there’s a steady increase.The main difference for a limited company is that even though you’re self-employed, you’re actually employed by your limited company and receive your income via salary and dividends. The majority of lenders will use your two years’ salary and dividend figures from your tax calculations.But there are also lenders that will disregard your salary and dividends and go for your net profits instead – that will often allow you to borrow a lot more. So, as a limited company the way lenders can view you will vary considerably.How much can a self-employed person borrow on a mortgage?Where affordability can vary is whether the lender uses the average of your last two years or your latest year. The average income might work out at, say, £25,000 but if your latest year is £40,000 that could be quite a big difference.But it’s with limited companies that we see the biggest difference in affordability. A limited company director may have taken a salary and dividend of say £40,000 – some lenders will take that as the income. But perhaps their net profit is £100,000 a year. Other lenders will take that as your income – which means a massive difference in how much you can borrow. NatWest or Halifax will use salary and dividends while Coventry and HSBC, for example, will use the £100,000.If you want a rough idea of how much you could borrow, the very general rule is about 4.5 times your income, up to a maximum of about 4.75 and, in some very rare instances, up to 5 times.
28
Oct
USA mortgages: ‘How did a $42,500 loan turn into a $477,000 debt?’
Cooper’s parents died in 2021, and their house was last year valued at $750,000, so – as things stand – he and his sister will have to hand over most of that to the bank. He says he feels certain his late parents did not realise that that $42,500 loan could spiral to close to $500,000 and “cost their kids their inheritance”.However, the bank says it recommended at the time that customers took independent financial advice to ensure they understood the product and that it was right for them, and adds that in this case, solicitors were instructed by the borrowers.The Coopers are among hundreds – probably thousands – of families whose lives have been blighted by shared appreciation mortgages (Sams). This was a type of home loan that was only on sale for a brief period, between 1996 and 1998, and only available from two banks, Bank of Scotland and Barclays.These loans were ostensibly aimed at helping “asset-rich, cash-poor” older people release some of the value locked up in their homes. They typically allowed people to borrow up to 25% of the property’s value, and usually there were no repayments to make during the lifetime of the loan.In return, people were required to pay back the original amount when the mortgage was repaid, or when they died and the house was sold, plus a share of any increase in the value of their home.This share was usually worked out on a three-to-one basis – so if you borrowed 25% of the value, you would be in line to hand over 75% of the future growth in value.Of course, in the years since those mortgages were sold, house prices have rocketed, leaving people facing massive repayments if they want to move – or, as in the case of Cooper, leaving the offspring of those who signed up with a huge and costly headache.
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