A Home Loan is essentially a loan which is secured on your home. It uses the equity in your property as security against the loan, in case of default. You can usually borrow upto £100,000 or more dependant upon the equity available in your property.

Home loans are used for a variety of purposes, debt consolidation being one of the main ones. Home improvements is always a popular reason, especially at present with house prices apparently dropping, more people are spending money on improving their current property. Other reasons include, overseas property, large purchases, starting a business etc.

In the last few months the changes in the home loan market has led to a number of lenders, reducing the loan amounts and the maximum loan to value (LTV) they will go to. Even the lenders that have retained high LTV loans have tightened their criteria, which makes it more difficult to obtain the home loan you may be looking for.It is even more difficult now, if you are self employed or self declaring your income, because this seems to be an area that lenders are especially wary.

If you are employed and have payslips then you are in a better situation because you are considered less of a risk. Even these "status Home Loans" are becoming more difficult to obtain.

The home loan market has and always will be, as any other type of industry, based on demand, and currently we are seeing a reduction in lenders and lending in general, the market will expand in the future when the confidence returns back into this market. At that point when investors and the general money markets see the viability of the Home Loan market then we will see a relaxing of the lenders criteria and an increase of the LTV, to allow more people to obtain the home loan they are looking for.

A good loan company will be able to inform you of the available options and how long the loan will take and what information needs to be obtained, and will keep you informed all along the process, until completion.

Alan Reed is a financial expert and writes for the following websites, http://www.e-loans4you.co.uk,http://www.chrysalisfinance.co.uk and http://www.e-securedloans4you.co.uk

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In the current climate, no proof of income cases have become more difficult to place, with many lenders restricting loan to values and loan amounts, this all being due to the credit crunch and american sub prime market problems. In fact, some lenders, consider No proof of income secured loans as sub prime. This means that with all the current turmoil, that self cert cases have been included within the criteria changes.

Within the secured loan market, a no proof of income secured loan can be called various things, Non status, Self certify or self declaration. The principle behind a No proof of Income Secured Loan is simply that you state your earnings, usually on a self declaration form, and you provide no proof of income,eg Payslips, Accounts or Accountants references.

In general, you may pay a higher rate of interest than a status case ( employed with Payslips) and usually it is a percentage increase on the loading above base rate. This is usually due to the fact that you are a higher risk than someone with provable income. Even if your credit history is good and you have made all your contractual payments, you are generally considered a higher risk. All finance is offered on what is termed a "rate for risk" basis. This means generally that several factors are taken into account when assessing rates for loans. No proof of income is one of those factors.

However, as with any market, the self employed/no proof of income market will recover since there is a demand, and whenever there is demand their will be supply, it is only a matter of time before additional lenders enter the market and current lenders relax their criteria.

Your cause can be greatly helped by choosing a good packaging company, who will have the criteria for all their relevant lenders, and will save you alot of time and credit searches, to help you through this and get you the no proof of income secured loan your looking for.

Alan Reed is a financial expert and writes for the following websites, http://www.chrysalisfinance.co.uk, http://www.e-securedloans4you.co.uk and http://www.e-loans4you.co.uk

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