Can self employed contractors get loans and mortgages?
This may seem obvious to some but thinking of taking up work as a self employed contractor, and may need finance at a later stage - my question is can I can out finance with this kind of employment ? No abuse please I've never been in this situation before and will need the money at some point - any advice on where to go for finance or the best companies ? thanks for any genuine replies :)
- Anonymous8 years agoFavorite Answer
Yes you can. Most banks will require proof of income from the past two tax years. So, as long as you have reported your income and paid taxes on it, you'll be able to get a loan.Source(s): Self-employed, got a loan.
- rpf5Lv 78 years ago
Yes. Self employed can get loans and mortgages. The bank will need proof of income. If you are only just starting out you may have to wait a bit to get some history of employment. Talk to the bank they will tell you want information they need to verify you for the loan. Exact details will depend on the type of loan and what bank you go to. if you don't have an accountant then keep good records of what you do.
- Anonymous8 years ago
If you have a bank and have established a business as well personal account with them you should not have a problem getting loans/mortgages. It depends on your banking relationship with them.
If you are in the market for a new bank tell them (your prospective banks) about your business status of self-employed and find out what programs if any they have to offer.Source(s): http:/banking.2011HOSTING.INFO
- waddillLv 43 years ago
the subject you will possibly have is likewise, did no longer you assert he basically began working for this company a month in the past? that's no longer long sufficient for a lender to contemplate you for a loan. you will desire 2 years of tax returns for him to teach what he somewhat makes. Your husband is seen self employed, via fact whilst one gets a 1099, they seem to be a contractor and pay all their own taxes. the people contracting for him, or getting him jobs are no longer paying his taxes or deducting something out of his exams. A letter from the corporate won't help the two. they could desire to make certain his tax returns. once you're self employed or a contractor getting a 1099, the lender does not seem at your gross earnings. they seem at what you're making when you do your deductions. for this reason it somewhat is extra good for self employed or 1099 types to get a loan. we could desire to forgo a lot of deductions and pay larger taxes for a pair of tax returns to teach to a lender we make sufficient for a loan. that's what I had to do whilst i bought a house.
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- Jan409Lv 78 years ago
yes they can
my son is self employed and got a mortgage after only 2 years of being in business
he also has a car loanSource(s): UK
- jabbotukLv 58 years ago
Ask your bank. If you have a good financial reputation and they value your custom, they should be pleased to lend you money against suitable security.
- Anonymous5 years ago
Get your loan for any purpose within 48hour now