If you took a BBL are you repaying it?

[northernladuk]

Why did so many people on here apply for it? Is it just a case of "we can, so we will" or what?

It was there to see people through the pandemic. No point applying for it after we've lost our gigs and spent 6 months on the bench. Apply for it, if you needed it then it worked, if you don't then just pay it back. Nothing lost. Why wouldn't you apply for it?

[northernladuk]

Many greedy landlords used BBL's as deposits to expand property portfolios.

Thanks for that. Really helpful.

[Fraidycat]

Thanks for that. Really helpful.

I was replying to ensignia, not to you.

[northernladuk]

I was replying to ensignia, not to you.

So answer his question then. He was asking people on here, not a landlord forum. I'd be willing to bet absolutely no one on here used it to expand their property empire.. so as I said, really useful thanks.

[courtg9000]

Many greedy landlords used BBL's as deposits to expand property portfolios.

Many mortgage providers blocked this too by saying, "BBL yes? No Mortgage for you!". Property forums have many stories of this happening.

[Fraidycat]

Many mortgage providers blocked this too by saying, "BBL yes? No Mortgage for you!". Property forums have many stories of this happening.

Money is fungible. You could use some of your contractor cash reserves/war chest first, and then replenish them with a BBL loan afterwards.

[d000hg]

I was replying to ensignia, not to you.

Perhaps reply to the person starting the thread instead of engaging with bickering with participants... this isn't General.

[d000hg]

Many greedy landlords used BBL's as deposits to expand property portfolios.

If you are a professional landlord operating your properties through a business, you might well have been at risk of tenants not paying rent, especially since the government put measures in place to disproportionately protect tenants during lockdown who were unable to pay rent due to Covid.
As such, taking out a BBL would make a lot of sense. If you then used that loan to improve your business, this is entirely legitimate.

[quackhandle]

Back in the dark, uncertain lockdown days this was the only thing we were offered really, so I took it (but not the full wack).

Thankfully didn't need it; paying back monthly.

qh

[d000hg]

Back in the dark, uncertain lockdown days this was the only thing we were offered really, so I took it (but not the full wack).

Thankfully didn't need it; paying back monthly.

qh

Do you have a use for it - even an investment that covers the interest? Or do you consider the minimal cost is worthwhile to have the extra liquidity?