I am bankrupt and also own a buy to let property jointly with my wife, there is no equity in the property but the rent is £1000/month and the mortgage currently £300 After speaking to the OR on the telephone she stated that they would want my half of the rent I.e. £500/month and my wife would have to cover the mortgage out of he half. Is this standard practice? £500 doesn't even allow for my tax liability and if I had to pay this amount I wouldn't have enough money to live on, this would mean that the mortgage wouldn't be paid on the buy to let property and would therefore end up being repossessed by the mortgage company I therefore don't see the benefit in this to anyone also if the property were to be repossessed it would mean that my wife would be probably end up bankrupt because she would be unable to pay the balance between the sale price and the current mortgage owing
I am bankrupt and also own a buy to let property
Posted - 11 August 2011 : 12:29:12
