Secured Loans Are Back For Self Employed Without Accounts

Secured loans otherwise called homeowner loans were really a very popular form of loan.

The very names secured loans or homeowner loans show that these are loans for which only homeowners are eligible and they also need some form of security.

The security needed is the property of the applicant and secured loans are recorded at the Land Registry behind the first charge which is of course the mortgage.

Being secured, these loans have always had good rates of interest and this contributed to their popularity.

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.

In many ways secured loans are very similar to remortgages but the latter takes double the time to pay out, meaning that for those urgently wanting the money, homeowner loans will be their best option.

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

They declared their own income on something like a letter head and these were 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.

What this really meant was that self employed loans were no longer available to self employed without accounts.

For almost three years self employed people just could not get either a remortgage or a secured loan.

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.

There are certain conditions attached to these self employed loans and that is that the maximum loan to value is 60% and three months bank statements must be provided.

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