I have recently set up a business last month and have £5,000 in the business account. Me and my boyfriend went to the bank to get a mortgage on a house worth £100,000 with our 10% deposit. The bank have said we need a 15% deposit for the mortgage. We need to get an extra £5,000 together so we can put down 15%.
So my question is can I use the £5,000 that is in my business account towards the house that I am buying? I will put it back by the end of the tax year if I need to. I have stock worth £2,000 and currently mark my items up by 200% and they are selling well. So I will still have money to put back into the business after to keep it going. We can afford the mortgage, living costs and to put the £5,000 back but the house that we have seen is a bargain it is fully furnished and and in the ideal location so we want to snap it up but we cant save £5,000 as quick as we need to.
Any answers will be highly appreciated, Thanks in advance:)
Read more: Can I borrow from my business to put down on a house deposit?
