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Impact of Business mortgage on personal mortgage affordability
buytoletspv
Posts: 7 Forumite
Might be simple question but just looking to clarify.. I have various buy to lets set up in an SPV/ a limited company which I am sole director on. I have signed documents saying I am 100% liable for the mortgage loan etc.
But what I want to clarify is will the mortgage debt in the limited company affect my own personal mortgage affordability? I'm under the impression that it wont as a separate legal entity but just wanting to check i'm not missing anything
The BTL income is a secondary income and wouldn't impact the scales on my multiple
any help is much appreciated, thanks in advance
But what I want to clarify is will the mortgage debt in the limited company affect my own personal mortgage affordability? I'm under the impression that it wont as a separate legal entity but just wanting to check i'm not missing anything
The BTL income is a secondary income and wouldn't impact the scales on my multiple
any help is much appreciated, thanks in advance
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Comments
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If the BTL and mortgage was in your personal name, if it is self-financing it will be ignored for residential affordability by most lenders anyway.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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buytoletspv wrote: »I'm under the impression that it wont as a separate legal entity but just wanting to check i'm not missing anything
You've signed a personal guarantee underwriting the liabilities that's what counts.0 -
thanks
does the personal guarantee show up on credit checks though? in the same manner as say credit cards0
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