My husband and I have a Northern Rock together Mortgage in joint names which in total is for £85,000. The loan element is just over £18,000 of this and the rest is the mortgage. The flat is in negative equity and we no longer live there as we rent another property (we have a baby due next month so needed extra space). My husband is about to lose his job due to redundancy and I will be commencing maternity leave on 1st December will be receiving just over £123 per week in SMP. Obviously we will be unable to pay the mortgage and loan on the flat and rent on our own place with this income. My understanding is that the flat will also be considered as a financial asset and will therefore be taken into account if we attempted to claim any means tested benefits such as Job Seeker's Allowence or Tax Credits. I am struggeling to see what are options are in this situation and I have been advised the bankruptcy may be the option. Does anyone have any advice or information that may be useful? Thank you in advance.
I cringe each time i see Northern Rock mortgages, they are notoriously helpful with Bankruptcy and reclaiming ownership so that council tax and house block service charge are not your responsibility.
the scale of other debts may direct the course of action available to you, please make a call to one of the experts they offer the first call for free and I think that they will provide clear guidance and direction to you
Northern Rock together mortgage
Posted - 03 November 2010 : 12:21:26
