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From: Justin Jefferson
I'm trying to get a loan to buy an IP. The problem is that I have been unwell over the past year, have sold my small business, and am living on private income protection insurance. I expect to be back at work in 3 to 6 months, but then I will either have to get a job, or start up another business.
I have made inquiries about getting a loan. Preliminary results are that the lenders are baulking because I am on income insurance. Their reservation is that, when I go off the insurance, my income will then be uncertain while I make the transition to a steady income.
My questions are:
1) is not this the most ridiculous thing? You have a job when you get a loan, but you're not bound to that job. You could quit the day after you've got the loan. You would think that, the capital of the loan being supported by the mortgage, and the repayments being secured so far as they can be by a steady income for the time being, that would satisfy them.
2) does anyone know of any way to get a loan for an IP despite the fact that I am currently on income insurance. I should say here, that it's not as though I'm a bad risk as far as income goes. The least I could do would be to earn an average wage, and I have no dependents.
Any information appreciated.
I'm trying to get a loan to buy an IP. The problem is that I have been unwell over the past year, have sold my small business, and am living on private income protection insurance. I expect to be back at work in 3 to 6 months, but then I will either have to get a job, or start up another business.
I have made inquiries about getting a loan. Preliminary results are that the lenders are baulking because I am on income insurance. Their reservation is that, when I go off the insurance, my income will then be uncertain while I make the transition to a steady income.
My questions are:
1) is not this the most ridiculous thing? You have a job when you get a loan, but you're not bound to that job. You could quit the day after you've got the loan. You would think that, the capital of the loan being supported by the mortgage, and the repayments being secured so far as they can be by a steady income for the time being, that would satisfy them.
2) does anyone know of any way to get a loan for an IP despite the fact that I am currently on income insurance. I should say here, that it's not as though I'm a bad risk as far as income goes. The least I could do would be to earn an average wage, and I have no dependents.
Any information appreciated.
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