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daisyw
Starting Member
United Kingdom
33 Posts |
 Posted - 04 December 2008 : 23:12:47
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My husband and I are currently filling in the forms for BR, I have spoken to my brother tonight for the first time about it  because I wanted to ask him if he would be willing to buy the BI in our house as we have no equity. It took a lot for me to admit to him how much we are struggling, but he was very understanding. I just wanted to check if there were any implications or what exactly this would mean to him, we would get the money together for him so it wouldnt cost him anything, but legally what does it mean?
I also wanted to ask if anyone can give me the honest brutal truth  about the chances of getting or transferring a mortgage after being discharged from BR. Our house is 2 bed and we have a little one and one on the way so will def need to move in the near future. Any hope? Thanks so much. xxx |
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John
New Member
United Kingdom
73 Posts |
Posted - 04 December 2008 : 23:32:48
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Hi
there are no legal or monetary disadvantages to your brother buying the BI.
At the moment it has a value of £1 and it cannot go lower. Likewise the purchase of BI does not make him in any way liable for the mortgage repayments.
Nor, in fact, does it release you and your husband from the same liability.
As far as a mortgage in the future goes, it's not so much how long you have been discharged that will secure a mortgage but the LTV percentage.
If you were discharged yesterday, applied for a mortgage today and you had a deposit of 40% or more the lender would likely bite your hand off as they can't really lose unless values go through the floor - and beyond!!!
But to go with less than a 15% deposit you may not get one irrespective of your bankruptcy as LTV's are much tighter now.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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harbourmaster
Junior Member
346 Posts |
Posted - 05 December 2008 : 09:56:47
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I agree with John regarding a future mortgage.
There are still 2 lenders who will look at discharged BR's, but on a low LTV. If you can get a 70% mortgage you will do very well at the moment. However it is impossible to advise on mortgage rates next week at the moment never mind in a years time. Gone are the days when lenders would lend 90% LTV self cert the day after discharge, thank goodness........ If you do need any further advice let me know and I will get one of our guys to source a mortgage deal for you. |
Edited by - harbourmaster on 05 December 2008 09:57:32 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 05 December 2008 : 10:03:37
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HM
Are you able to source one for me next year when my offer runs out in May.
Thanks
OH and Daisy, sorry to hijack your post :-)
Jo
x
17 Weeks down 
35 to go 
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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Edited by - Needafriend on 05 December 2008 10:03:52 |
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harbourmaster
Junior Member
346 Posts |
Posted - 05 December 2008 : 10:12:18
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| Yes no probs Jo |
Edited by - harbourmaster on 05 December 2008 10:12:35 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 05 December 2008 : 10:59:42
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Thanks HM
I will bare you in mind a bit nearer the time.
U are a STAR u know ;-)
Jo
x
17 Weeks down
35 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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implications of buying BI?
