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Bounce Back Loan & Mortgage

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By (user no longer on site) OP   
over a year ago

Hi folks,

Yes I’ll seek professional advice.

I’m seeking some outline advice here. I own a Ltd company & I am returning to the world of PAYE.

In and around September time I am looking at re-mortgaging.

Will the BBL have an impact on my application?

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By *VDPMan
over a year ago

Nottingham City Centre

A limited company is a separate entity and it's liabilities can not be taken into account for a personal mortgage application.

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By *VDPMan
over a year ago

Nottingham City Centre

Nice riding picture btw

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By *ex HolesMan
over a year ago

Up North

No but the BBC might

Good luck

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By (user no longer on site) OP   
over a year ago


"No but the BBC might

Good luck "

The black cock? Or broadcasting lol

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By (user no longer on site) OP   
over a year ago


"Nice riding picture btw "

Thanks mate!!

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By *ora the explorerWoman
over a year ago

Paradise, Herts

Mortgage companies are doing stricter checks though and wanting to make sure the loan was used for what it was intended for and that people did actually need them and that the business is actually bouncing back as such. As we all know some people got these loans for other reasons, one of those being a bigger deposit towards a house, so they are definitely checking more closely. If it was all legit then should be fine.

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By *aseMan
over a year ago

Gourock

Ffs Jesus wept lol

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By *inky_couple2020Couple
over a year ago

North West


"Mortgage companies are doing stricter checks though and wanting to make sure the loan was used for what it was intended for and that people did actually need them and that the business is actually bouncing back as such. As we all know some people got these loans for other reasons, one of those being a bigger deposit towards a house, so they are definitely checking more closely. If it was all legit then should be fine. "

Many businesses did not bounce back, despite the loan though. £1500 wasn't the be-all and end-all for many. If a business needs to fold, despite the BBL, then I don't believe that's an issue.

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By *VDPMan
over a year ago

Nottingham City Centre


"Mortgage companies are doing stricter checks though and wanting to make sure the loan was used for what it was intended for and that people did actually need them and that the business is actually bouncing back as such. As we all know some people got these loans for other reasons, one of those being a bigger deposit towards a house, so they are definitely checking more closely. If it was all legit then should be fine. "

He only needs to disclose his personal liabilities. I am not sure banks can scrutinise company loans.

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By (user no longer on site)
over a year ago

Your Ltd company with the BBL is separate to any personal items (mortgage). Your mortgage doesn't hit your directors loan account so it shouldn't affect anything. The BBL is treated as a new loan account on the balance sheet. I can understand why you think it might affect the application though. You'll take a salary or dividends I guess from the business

Have you got an accountant? They will more than likely do extra checks with the accountant to make sure the BBL is being used in the business and not being taken for personal use.

Do get professional advice though - I'm not a financial advisor.

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By (user no longer on site)
over a year ago

[Removed by poster at 15/12/21 20:42:10]

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By (user no longer on site)
over a year ago

Not at all unless you defaulted a payment.

BBL is treated as a standard loan, aslong as its payed back withough default then it will only add strength to your business credit rating.

As a ltd company your a director with less than 100% share so business finances arnt looked into and cant be. aslong as your wage & dividends add up you will be ok. Best advice id give you is speak to acouple of independent mortgage/financial advisors, id offer but only do in person advice

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By (user no longer on site)
over a year ago

Mortgage broker here.

They will ask more questions. Any company that has taken a bbl would be considered to have been impacted by covid, and therefore likely to have personal finances impacted so they are going to dig deeper.

Having said that every lender will treat it differently and it's really down to the circumstances surrounding it.

If you need professional advice drop me a message

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By *VDPMan
over a year ago

Nottingham City Centre


"Mortgage broker here.

They will ask more questions. Any company that has taken a bbl would be considered to have been impacted by covid, and therefore likely to have personal finances impacted so they are going to dig deeper.

Having said that every lender will treat it differently and it's really down to the circumstances surrounding it.

If you need professional advice drop me a message "

FAF?

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By (user no longer on site) OP   
over a year ago


"Mortgage companies are doing stricter checks though and wanting to make sure the loan was used for what it was intended for and that people did actually need them and that the business is actually bouncing back as such. As we all know some people got these loans for other reasons, one of those being a bigger deposit towards a house, so they are definitely checking more closely. If it was all legit then should be fine. "
I don’t need a deposit. I

Just see the two things as separate entities

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By (user no longer on site) OP   
over a year ago


"Your Ltd company with the BBL is separate to any personal items (mortgage). Your mortgage doesn't hit your directors loan account so it shouldn't affect anything. The BBL is treated as a new loan account on the balance sheet. I can understand why you think it might affect the application though. You'll take a salary or dividends I guess from the business

Have you got an accountant? They will more than likely do extra checks with the accountant to make sure the BBL is being used in the business and not being taken for personal use.

Do get professional advice though - I'm not a financial advisor."

Yes I’ve an accountant and I’ll defo seek there advice. I’m

Just thinking out loud for now lol

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By (user no longer on site) OP   
over a year ago


"Ffs Jesus wept lol"

Do you need a tissue

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