Myself and my wife are thiking of going for BR. I was wondering if someone can answer one question. We have a house which is in negetive equity and a secured loans, we also have various Credit cards and unsecured loans of about 100k.
Can we go BR and still be able to keep the house and secured loan as we know if we get rid of the unsecured loans we will be able to afford the mortgage and secured loan and keep the house or we will loosethe house eventually.
the official receiver is interested in equity that they can realise to help with fees and debts.
if there is no equity they the OR is unlikely to be interested in the house and would likely offer you the ability to purchase the "beneficial interest from him.
The beneficial interest is actually your share of equity and if it is negative they would want a token payment to represent a transaction. this would be £1 each plus soliciotrs costs of £211.
you would need to think carefully about the mortgages and their affordability because the last thing you need is to become debt free and then have a challenge in 2 years when the mortgage rate starts to climb again
BR and Propeerty Question
Posted - 17 May 2009 : 09:05:52
