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T O P I C R E V I E W
hamish
Posted - 05 August 2008 : 21:21:09 My husband and I are going BR in the next few weeks having unsuccessfully pursued every route of debt management available to no avail. We have one question regarding our house ans were wondering if nyone can help as we have received much conflicting advice...
We took out a 95% mortgage on a house 18 mths ago and now find ourselves in negative equity. We also have a secured loan with firstplus.
1) If we stay in the property as we can afford the mortgage and secured loan but our fixed rate ends and the mortgage repayments are unmanageable within the twelve months of BR can the shortfall etc be included in the BR if we hand the keys back, as the debts were incurred prior to the date of BR or do we have to declare shortfalls, etc on BR forms on the day of BR?
Really we are concerned about our situation changing ie second child mortgage rate shooting up etc but these are all unforseen things - we don't want to end up having to decalre ourselves again in a few years because of current market condiditons but at the same time we don't want to give up our house and only shot at a mortgage if we don't have to??
