Stressed out - could do with some reassurance if possible?!

csgohan4

MovingForwards said:

csgohan4 said:

MovingForwards said:

You could try messaging @haras_n0sirrah or @Deleted_User to see if they can help. Both are brokers who post on MSE, you can approach them, they cannot message you first.

Don't forget @ACG

Never would, he got me my home 😉 normally I save T for adverse recommendations 😁

He does 'normal' applications too, got me mine too, flawless

MovingForwards

csgohan4 said:

MovingForwards said:

csgohan4 said:

MovingForwards said:

You could try messaging @haras_n0sirrah or @Deleted_User to see if they can help. Both are brokers who post on MSE, you can approach them, they cannot message you first.

Don't forget @ACG

Never would, he got me my home 😉 normally I save T for adverse recommendations 😁

He does 'normal' applications too, got me mine too, flawless

I know, I'm just mindful of how many recommendations I do for him when people message me 🤫

Thrugelmir

Peter74 said:

  We did take a BBIL fo £50k which is pretty much still sitting there in our account.  

Sounds as if your business took a major hit to require that level of funding. 

Peter74

Thrugelmir said:

Peter74 said:

  We did take a BBIL fo £50k which is pretty much still sitting there in our account.  

Sounds as if your business took a major hit to require that level of funding. 

Hi there.  It equates to around a month's turnover so not a significant amount in relation to the size of the business.

LRmortgage

You need to see how things play out with Santander before you go putting in applications with other lenders. 

As it happens, In my opinion as a broker Santander have been one of the more “understanding” and realistic lenders throughout the current situation and will listen to the background and potential moving forward. 

I can’t make you any promises because I don’t know your case, but stay positive. If things don’t work out, engage a broker for your next steps. 

Peter74

LRmortgage said:

You need to see how things play out with Santander before you go putting in applications with other lenders. 

As it happens, In my opinion as a broker Santander have been one of the more “understanding” and realistic lenders throughout the current situation and will listen to the background and potential moving forward. 

I can’t make you any promises because I don’t know your case, but stay positive. If things don’t work out, engage a broker for your next steps. 

Hi there.  Thanks for your advice.  Yes that is my intention... obviously don't want two applications but like many people I suppose, don't feel overly confident, especially during these times.  I've just come here to get some advice with a view of preparing a Plan B incase Plan A doesn't pull off.  Certainly not in the business of wasting anybody's time, great to get some good advice though.

Sparklestar1127

Thrugelmir said:

Peter74 said:

  We did take a BBIL fo £50k which is pretty much still sitting there in our account.  

Sounds as if your business took a major hit to require that level of funding. 

That might be a just a day or weeks turnover for some businesses? 

Peter74

Sparklestar1127 said:

Thrugelmir said:

Peter74 said:

  We did take a BBIL fo £50k which is pretty much still sitting there in our account.  

Sounds as if your business took a major hit to require that level of funding. 

That might be a just a day or weeks turnover for some businesses? 

Also, with the majority of businesses being affected in some way or another by covid19, for an affected business to turn down an interest free loan (12 months) of £50k would have been a poor financial decision IMO, even if said business didn't require it to stay afloat.

csgohan4

Peter74 said:

Sparklestar1127 said:

Thrugelmir said:

Peter74 said:

  We did take a BBIL fo £50k which is pretty much still sitting there in our account.  

Sounds as if your business took a major hit to require that level of funding. 

That might be a just a day or weeks turnover for some businesses? 

Also, with the majority of businesses being affected in some way or another by covid19, for an affected business to turn down an interest free loan (12 months) of £50k would have been a poor financial decision IMO, even if said business didn't require it to stay afloat.

on the flipside, to a lender, it may suggest the business is in trouble, or at the very least a red flag which needs further details 

MWT

Peter74 said:

Also, with the majority of businesses being affected in some way or another by covid19, for an affected business to turn down an interest free loan (12 months) of £50k would have been a poor financial decision IMO, even if said business didn't require it to stay afloat.

As ever, on this group at least, you have to consider the wider perspective of the need to apply for a mortgage...

If you only had to worry about the business itself then I'd agree, a free loan is always worth considering.

... but if you are planning to apply for a mortgage and you have a controlling interest in the business that pays the salary/dividends that you need to justify the mortgage then it can turn out to be a poor choice to take a business loan that you didn't really need as it signals a potential lack of confidence...