Bank Offering Mortgage On House

[jingjingna]

Hi all

I own an operational limited company which is now in it's third year. I recently looked at a house and the project have come back to me with a 70% mortgage allowance from the bank.

While delighted to hear this news I am somewhat uncertain as to whether to go ahead with this purchase. I am co-habitating but am not too hot on the pitfalls of going into such an agreement with the house situation.

If anyone owns an operational ltd company, perhaps they could give me a few pointers?

A few questions are looming, such as what happens if I decide to get rid of the company in years to come? What happens to the house? My partner is a shareholder of the company ...will everything just go to her?

Would I be better off purchasing a condo? If so could I do so in my own name using my own company to guarentee the mortgage?

Yes, I know I should just consult a lawyer...but I feel that there are so many board members that have already gone down both these routes, I would like you to share your recent experiences here, to give me some insight before I do seek legal help or call off the purchase.

Thanks to you all for reading and sharing!