Start up loans and mortgages

Lp24 · 8 May 2018 at 1:06PM

Hello, just wondering if anyone has any advice on start up loans.
I have sent off my application for a start up loan which is proving to be a long process.
However, I also plan on moving house in the very near future. Will having a business start up loan effect my mortgage application and bring my affordability down?
I'm struggling to find much information on this, so will really appreciate any help!!

Savvy_Sue · 9 May 2018 at 11:00PM

Well, let's start with:

is this a personal loan for you as a sole trader? "You" are "the business" so yes, I'd have thought it would bring your affordability down.

is it a loan for a new limited company? "You" are a separate entity to "the limited company", so that might not bring your affordability down, but can't be sure.

What is your affordability based on? Where does the income with which you intend to pay the mortgage come from?

Start up loans and mortgages

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