Applying for a bounce back Loan

[Bodd]

Yes.

Then I suppose thats what I should do then.


The reason I was thinking of leasing van was that; diesels may plummet in price in the next few years.

 

[Mottie]

Go for it then. I took one out as a reserve pot. Don’t pay anything back for a year then you have 6 years to pay it back (I think it’s just been extended to 10 years) at a very cheap interest rate. Government backed and loan is in company name so no personal liability if I couldn’t pay it back. You apply to a provider (I used my own bank, NatWest) and it came through in a day or even less I think.

 

[Bodd]

Go for it then. I took one out as a reserve pot. Don’t pay anything back for a year then you have 6 years to pay it back (I think it’s just been extended to 10 years) at a very cheap interest rate. Government backed and loan is in company name so no personal liability if I couldn’t pay it back. You apply to a provider (I used my own bank, NatWest) and it came through in a day or even less I think.

Thanks Mottie more than likely the best way.

 

[Bodd]

Wouldn't be eligible for a bounce back loan. Besides what you are proposing if nothing else is totally immoral.

I get what your saying Eddie, and I want to do everything above board. I may buy the new van with bounce loan back rather than lease the van.
Ill then finance the House project with money I have and borrow against my existing home.

Not that Im looking for your blessing but does that sit right with you or was it the whole shebang that doesn't sit well for you?

 

[HERTS P&D]

Im pretty much Mortgage free. Id borrow against the house for a deposit.

The mortgage goes on your earnings and not your property you live in.

Andy

 

[EddieM]

I get what your saying Eddie, and I want to do everything above board. I may buy the new van with bounce loan back rather than lease the van.
Ill then finance the House project with money I have and borrow against my existing home.

Not that Im looking for your blessing but does that sit right with you or was it the whole shebang that doesn't sit well for you?

Sure, nothing wrong with that.

 

[Bodd]

The mortgage goes on your earnings and not your property you live in.

Andy

But I would borrow lets say £50000 from the house. My last 3 years earning have not been bad. This year has not been as good, but should combined would be enough to borrow.

 

[HERTS P&D]

You can not borrow against the house.

Mortgage rules have changed.

Andy

 

[Trazor]

Diesels may plummet in price in the next few years.

I think there will be be a healthy second hand market for petrol/diesel, especially in the poorer end of the market.

 

[durhamplumber]

Turnover isn’t the same as profit though

No sht sherlock

 

[Bodd]

You can not borrow against the house.

Mortgage rules have changed.

Andy

Is that not what the serial house renters do.

I have one of those bank accounts that offset my mortgage. Lets say I owe £40000 on my mortgage but have £60000 in savings. Then Id be better off not paying my mortgage off and using the money as a deposit on the new house.

My Tax in which I have accumulated through the year would offset some of the interest. so keeping my monthly repayments down. (Not Completely)

 

[Bodd]

I think there will be be a healthy second hand market for petrol/diesel, especially in the poorer end of the market.

I took that on board when you said that on another thread. Its all part of my thinking.

 

[Notch7]

Not sure what the housing market is gonna do at the moment. Apparently more demand outside of cities since lockdown #1

Feedback from an estate agent in West Kent where Im selling is indeed finding more demand, although the market is not exactly buoyant.

 

[Bodd]

All done. Have applied for £20000. Just have to wait to see if accepted now.