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Advice on Bank Securities
If you are a company director wanting to raise money for your business your lender will probably want the loan secured on your home. This is an example of a bank security charge.
Bank security charges tend to be “all monies charges”. This means that the amount of the charge secured can increase or decrease depending on the debts of the company at any one time. It can include any overdrafts or guarantees which the company may have given or give.
If you are a co-owner of the property being given as security you must have independent legal advice. You need to understand the risks involved:
- in agreeing to the giving of this security
- on our interest in the property
Consider whether you are giving the lender more security than they currently have and whether you are risking your own home to support the debts of the business.
At Hart Brown our specialists can explain the risks and benefits of bank securities so you make an informed decision. We can offer you a fixed price quote.
To speak to someone who can help with advice on bank securities call, email or request a call back from one of our specialist lawyers.