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Personal Guarantee on commercial mortgage
LeGrys21
Posts: 1 Newbie
Hi everyone
I am a director of a limited company that has recently bought its premises with a commercial mortgage for which I had to provide a personal guarantee.
My question: Will the existence of this guarantee affect the amount I can borrow on a personal mortgage?
The commercial mortgage is in the company name, and also secured against the commercial property and business, but I am trying to work out if the personal guarantee I had to give will limit the amount I can borrow in my own name.
To clarify, I am not paying anything towards the mortgage personally, the guarantee only comes into play if the company defaults on the loan.
I am a director of a limited company that has recently bought its premises with a commercial mortgage for which I had to provide a personal guarantee.
My question: Will the existence of this guarantee affect the amount I can borrow on a personal mortgage?
The commercial mortgage is in the company name, and also secured against the commercial property and business, but I am trying to work out if the personal guarantee I had to give will limit the amount I can borrow in my own name.
To clarify, I am not paying anything towards the mortgage personally, the guarantee only comes into play if the company defaults on the loan.
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