Should I pay back the Bounce Back Loan?

917700

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?

jonesMUFCforever

Are you a sole trader or Limited company?

Grumpy_chap

Is the mortgage for you or your company?

macman

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.

917700

jonesMUFCforever said:

Are you a sole trader or Limited company?

The BBL was borrowed via Limited company.

The property mortgage is for my personal 

917700

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.

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? 

gg23

917700 said:

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.

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? 

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.

khanji17

I believe they need to see if the business has been struggling during lockdown, to workout the affordability.

gg23 said:

917700 said:

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.

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? 

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.