If you are a freelance workers, seasonal worker, self employed business owner or company director then providing proof of income can be difficult. Most self employed people tend to declare as smaller amount of income as possible in order to minimize tax liability. Therefore the actual income that a person can prove is often way less than what they actually receive. For new startups providing 2 years of certified accounts is certainly impossible.
Another issue is that most typical lenders like banks and building societies tend to avoid lending to freelance workers, seasonal workers, self employed business owners or company directors. The think that your income is irregular and unreliable.
Nowadays though a loan product has been designed to get around this. The self certification loan is a kind of loan where the applicant doesn't have to provide income proof. To find out more visit http://www.selfemployedhelp.co.uk/ for advice and help on self employed loans, mortgages and insurance.
Damian is the owner of many finance related websites. Including mortgage, loans and debt advice.
Tags: business owners, startups, business owner, lenders, tax liability, mortgage loans, company directors, freelance workers, proof of income, loan product, building societies, debt advice, self employed business, self employed loans, company director, income proof, self certification, damian
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Source: http://www.articlealley.com/article_138442_19.html
Source: http://www.articlealley.com/article_138442_19.html
