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Should I pay back the Bounce Back Loan?
I applied Bounce Back Loan in May because we shut down a few branches and re-structured the business to more online sales. When I apply the BBL, I thought the process can take ages, but I received the fund very quick.
Now, I feel my business is much safer and the online sales performed very strong. And I actually never use the loan yet.
I am just wondering, when should I pay back the BBL? I am also considering to apply a property mortgage in the future months, will BBL have any adverse impact on my mortgage application?
Now, I feel my business is much safer and the online sales performed very strong. And I actually never use the loan yet.
I am just wondering, when should I pay back the BBL? I am also considering to apply a property mortgage in the future months, will BBL have any adverse impact on my mortgage application?
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Comments
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Are you a sole trader or Limited company?0
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Is the mortgage for you or your company?0
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It's interest free for the first 12m, and you might need the money during that period?
If the mortgage is private and the BBL is for your ltd company, then there's no connection-they are separate legal and financial entities.No free lunch, and no free laptop
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The BBL was borrowed via Limited company.jonesMUFCforever said:Are you a sole trader or Limited company?
The property mortgage is for my personal0 -
Hi, I had the same ideas. However, I need to declare BBL when applying a mortgage. Will the mortgage lender flag this as unstable income?macman said:It's interest free for the first 12m, and you might need the money during that period?
If the mortgage is private and the BBL is for your ltd company, then there's no connection-they are separate legal and financial entities.0 -
I don't see why a mortgage company would want to know the inner workings of your company? Was that supposed to be a statement or a question.917700 said:
Hi, I had the same ideas. However, I need to declare BBL when applying a mortgage. Will the mortgage lender flag this as unstable income?macman said:It's interest free for the first 12m, and you might need the money during that period?
If the mortgage is private and the BBL is for your ltd company, then there's no connection-they are separate legal and financial entities.0 -
I believe they need to see if the business has been struggling during lockdown, to workout the affordability.gg23 said:
I don't see why a mortgage company would want to know the inner workings of your company? Was that supposed to be a statement or a question.917700 said:
Hi, I had the same ideas. However, I need to declare BBL when applying a mortgage. Will the mortgage lender flag this as unstable income?macman said:It's interest free for the first 12m, and you might need the money during that period?
If the mortgage is private and the BBL is for your ltd company, then there's no connection-they are separate legal and financial entities.
0
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