Helping a self-employed potter pay off her debts and create the home of her dreams.

In 2022, during lockdown, a self-employed mum of two wanted to invest in home improvements to create her dream home. Her business was expanding - but as a self-employed individual, her finance requirements became a bit trickier.

The idea

Malini Pashley, a self-employed business woman, runs a successful ceramic design company, The English Ladies Co., creating china figurines and beautiful gifts in Stoke-on-Trent, in the heart of ‘The Potteries’.

With her products reaching global markets, she had clients including the Disney Corporation, Malini wanted to improve her home. Excitingly, she was in the position to make the dream a reality, by taking on extra borrowing to finance the upgrade to her kitchen and bathroom and landscape her garden.

Her application was classed as ‘complex’ for many lenders – with her being both self-employed and over 50 – so she evaluated her finance options to see what suited best. Malini had a favourable rate with her current high street mortgage provider, and contacted them to extend her borrowing. But her application was turned down due to some credit card debt. And that’s when Malini contacted Together.

The enablement

When she first started her business, Malini built up credit card debt as she kick-started her pottery venture. The debt had increased because of global supply chain issues, which affected her importing businesses. But, The English Ladies Co. was now doing well and providing results that Together was happy to lend against.

Having previously taken out a loan with Together to get her business of the ground, Malini was aware of our common-sense approach. She knew that we’d be able to evaluate her individual situation, understand her credit history, and take her business success and income in to account.

The result

Malini took a second charge mortgage - also known as a secured homeowner loan. The secured loan was going to be used to carry out the improvements on her £425,000 detached house, and as debt consolidation. Malini was able to reduce her multiple repayments into one manageable payment, and automatically pay off her unsecured debt.

Malini said, “The second charge loan Together offered made sense. It was a lower rate than the one I was paying for my credit card. Together directly paid my unsecured debt for me when I took out the loan, and provided the rest for me to make home improvements. The whole process of getting the loan was really easy, in my experience.”

Being your own boss is a way of being powerful and independent in your career. Of course, it comes with challenges too. Having complex or irregular income can complicate the processes when applying for mortgages, and your situation might not meet the desired criteria of some lenders. But, it’s not the end of the road. Self-employed individuals, like Malini, can explore a range of specialist lending options. At Together, we can look beyond the ‘tick boxes’, basing decisions on your unique circumstances and requirements, to find solutions that best fit your finance needs.

Working for yourself shouldn't be a barrier when you need a mortgage or a secured loan. Together, look beyond the traditional nine to five, and understand that no two cases are the same. So you can realise your property ambitions when you’re self-employed.