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curiousgeorge |
Posted - 21 June 2011 : 11:30:12 We've sold our house to clear debts (large tax bills), and are entering rental property, but my wife still has some credit cards totalling about 30k in her name - if she was to declare bankruptcy, would that effect my suitability for a mortgage in the near future, if we are in a position to get another one ? Thanks in advance for any advice you can give.. |
3 L A T E S T R E P L I E S (Newest First) |
curiousgeorge |
Posted - 21 June 2011 : 22:32:51 Thanks for the replies, and the welcome.
My wife hasn't worked for a long time, suffering from an illness, and for the last 5 years looking after our three children (surprise twins recently !).
Other than the mortgage we've paid off, we have no joint debts.
In this case, I imagine the mortgage would be on my earnings anyway, and yes - the deposit would be an issue as I'm the only one earning at the moment, but I was just trying to think of all the ramifications.
Thanks |
debtinfo |
Posted - 21 June 2011 : 18:41:57 as Kallis aludes to the bigest prolem that you are likely to have is deposit and affordability if the mortgage is in your name only |
Niobe |
Posted - 21 June 2011 : 17:52:01 Hi and welcome.
Do you have any joint debts? If so then your credit rating will be affected and if your wife goes BR then you will be chased for the whole of the amount as you are both jointly and seperately liable for them.
If notm then you would probably still find it hard to get a mortgage in the near future as you would need a large deposit and be able to get a mortgage in your own name.
The world is broken, halos fail to glisten We try to make a difference but no one wants to listen Hail the preachers, fake and proud Their doctrines will be cloud Then they'll dissipate like snowflakes in an ocean
Jan xxx |
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