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bounce back loan and its impact on mortgage

challengesahead · 2020-05-12 13:27:17

I have a mortgage(along with my full time employed partner) offer in hand, and going through the purchase process right now. Am also self-employed and thinking of getting a bounce back loan to support my business. I know there is no credit check or personal guarantee for LTD taking BBL. But what happens for a sole-trader?…

Comments

amnblog Posts: 12,766 Forumite

15 May 2020 at 1:02PM

The BBL Loan is less likely to be an issue than the Lender's rising pre-occupation with business viability in this new world.
The Lender is more likely to be worried about the stability of your business sector, the funds you may have cover ongoing costs, the likelihood of you returning to profitability.

I am a Mortgage Broker

You should note that this site doesn't check my status as a Mortgage Broker, 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.
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