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| Shell58 |
Posted - 04 November 2011 : 21:16:12
Hi, could you please give me some advice. I am in the process of declaring myself bankrupt and am living in the former marital home (4 bed house) which the mortgage, 2nd loan,mortgage insurance and buildings insurance costs are £495 pcm. I think there is approximately 15 - 20K equity in the house after mortgage and loan are cleared. I know we will most probably lose the house so I have been trying to get private rented at the same time as saving £700 for BR. I have actually found somewhere where it is a private letting (in the local paper not through an agent) and she is aware of my circumstances and willing to accept a £300 bond with no rent in advance. My concern is that she wants £595 pcm it is 3 bed so I assume the running expences should be less and the Council Tax is £14 per month less but in total it would cost more pcm than the marital home. The other consideration is that the mortgage is currently interest only and the BS has written to say they will be asking for a plan to repay the mortgage (which they could increase to at least £900 per month if they removed interest only,) as I have no plan of how to repay the mortgage by the end of the term. So I have verbally accepted this property as it seemed my only hope of an alternative as I cant afford to save for rent in advance and bond being asked by agents without getting further and further in debt. I am having approx 18 calls a day on my mobile and at work, am currently on prozac and feel I dont know the best way forward. I have 2 children who are my life and I want to do the best for them. If I declare BR after next pay day (as I will afford it then) the tenancy starts 2 weeks later, what happens if I sign the agreement (which I have been asked to do to secure it) and the OR says I should have stayed where I am and not allow the rent. I am so confused, please help. |
| 2 L A T E S T R E P L I E S (Newest First) |
| Shell58 |
Posted - 05 November 2011 : 14:10:34
Thanks for your reponse. When you look at what is advertised through letting agencies they range from 425 to 625 for a 3 bed. The local housing allowance for the area is 450 for a 3 bed though so do you think the OR would take that into account?
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| debtinfo |
Posted - 05 November 2011 : 06:49:22
Don't worry the or won't say that, 595 whilst a bit more is not excessive and you are going to have to move at some point, so as long as it is a fairly typical rent for the area it should not be a problem |
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