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Need advice on business mortgage and loans


orsett
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In 2007 me and my brother started a business , we each took out a secured loan with Lloyds for £25,000

after two years of trading we were doing well and decided to purchase the land and buildings we were renting,

 

the mortgage went through in aug of 2009 , the problem was it went through without buildings insurance a week later the busness next to us was set on fire by the owner the fire burnt down our buildings as well it took us a year to eventually rebuild.

in that year the company had to rent additional property as well as pay the mortgage for our own property

once the building was back up Lloyds demanded we get a valuation we purchased the land for £210,000 it was revalued by Lloyds valuer at £300,000

 

because of the rebuild the company is in financial trouble and has limped along for the last two years and is about to close due to losing our biggest customer ,

my question is will Loyds come after my house as the original loan was secured against it or will the business property be taken to cover our borrowing

our total borrowings from Lloyds is £270,000 the land and property is worth £300,000

would appreciate any advice as i am panicking over losing my home

 

thanks

Edited by orsett
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It's very unlikely that you would lose you house, should they go to court for repossession, if you can show the court that you can keep up the mortgage on it.

 

They would probably give a suspended order however, which means that if you defaulted on the payments, they could return to court for possession.

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Hi connif

thanks for the reply was resting alittle easier about that , then yesterday morning got a COURT CLAIM FORM from another dept,

got the letter yesterday but the date of service is today im starting to panick again never seen one of these before ,

things starting to get me down in a big way now.

 

any advice would be much appreciated never had to deal with this type of thing before ,

 

thanks

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sorry took so long to get back problem with computer , sorted now

the claim form is a blue colour.it has the claimants name and address also mine

it has a county court stamp , which is missing the courts name

it also has a stamp saying date of service 08 nov 2011

also sent with this are forms to be filled in , acknowledgment of service and an admission form

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