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baxi
New Member
United Kingdom
66 Posts |
 Posted - 11 January 2009 : 22:10:01
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My wife and i will be applying for BR soon, at the moment we are looking for a rental property as we don't want to stay at our mortgaged property and we are not too bothered about losing it (more bad memories than good). We decided to try and find somewhere to rent first while we may pass the credit scoring by the estate agents.
I was wondering if find a property, and agree to move in at the end of feb/begining of march, but go BR before we move in, after declaring BR would we still be able to get into our mortgaged property and for how long? |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 12 January 2009 : 10:20:59
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Hi Baxi,
I would recommend getting into your rental property prior to declaring BR. The reason is that as the letting agents perform credit checks, if you wait until after BR, it is not uncommon for them to insist on 6 months rent in advance.
With regard the mortgaged property, don't assume you'll automatically lose it. Secured lending is exempt from BR. Are there any mortgage arrears? Any equity?
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 12 January 2009 : 10:41:55
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Hi Baxi
We too ave a mortgaged property, when we went BR we could not afford all the bills hence the BR but on declaring BR we now only have our utilities and the mortgage payments to make and can manage that.
We were thinking of letting it go but then we thought no and we would try and fight for it. When we went BR we had equity but since then we are now at my calculations in neg so we are in the process of trying to buy the BI in it and our aim is to stay put.
If you can manage the payments then really unless it is your desired wish to let it go then you can fight for it.
Its up to you i know i just wanted to tell you about mine.
LOL
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Mr.E.Guest
Junior Member
United Kingdom
121 Posts |
Posted - 12 January 2009 : 11:37:28
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Hi Baxi,
We are going through the same as you - paying a hugfe mortgage on a negative equity property that we had no heart in keeping.
I'd recommend that you get renting prior to BR - we looked at several houses and all the agents took out references - some were more more draconian than others - even so the one we went with still needed a reference from our bank to say we were "good to pay the rent" - if we'd have been BR this may have been difficult to get.
We moved from our property 25/11 and stopped paying the mortgage 1/10 - we still have keys and went back last week to get the mail (that slipped through the redirect)- the house was borded up but we still got in as the lock was not changed.
Hope this helps some...
Tim |
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b199
Starting Member
17 Posts |
Posted - 12 January 2009 : 17:44:49
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what would happen do the letting agents do checks every 6 months to see if your credit worthy
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baxi
New Member
United Kingdom
66 Posts |
Posted - 12 January 2009 : 19:45:21
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Julian or anyone!
The mortgaged property is in negative equity by about £40,000. I was not aware that secured lending was not part of BR. We don't want to keep the house and we may split up so if we went BR we'd still be liable for the mortgage and the secured loan? |
Edited by - baxi on 12 January 2009 22:02:23 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 12 January 2009 : 22:37:18
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Hi
If you want to keep the house and can afford to keep the repayments up for the 1st and 2nd mortgage then you are probably able to keep it - unless the repayments are astronomical.
If you decide to voluntarily hand the house back then any shortfall from the first and second mortgage will be included in the Br.
You should remember to put your best guess of these shortfall figures in the UNSECURED section of the SOA as when the house is sold the shortfall becomes unsecured automatically
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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Going BR/Moving out/Renting
