Hi - Early Days Query

itsalongroad

Hello

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Rylynn

If you go bankrupt you still have to live, ie pay rent, food, the debt will fall to your wife but I am sure you are allowed to pay for things.
Someone who can reply with conviction on this will, as I am not clued up on houses yet.

Can you both go BR?

dalip

You need to ring one of the free debt helplines(check my sig)they can look at your details and give an unbiased opinion. Who are you doing your DMP with?

Your wife may be able to buy your share of the property but a reasonable amount of rent or mortgage is still allowed to come out of your household income. Do you have any joint debts? Dx

peachyprice

Hi itsalongroad,
Paying your mortgage after BR really isn't a problem you'll be able to carry on as normal, BR makes no difference to the mortgage or who owns the home.

Is there any equity in your house? This is what your wife may be able to buy half of, but it won't mean that she owns your share of the house, just all of the equity.

itsalongroad

PEACHY - I thought I would be off the deeds, and effectively a lodger!

About to find out about equity as estate agent here in next 10 minutes. I suspect very little, possibly none. One of those where the lower the valuation the better I guess!

peachyprice

No, you will still own your share of the house.

Fingers crossed for nice low valuation:D
If there's no equity your wife should be able to buy your beneficial interest (your share of any future equity) from the Or for £1 + £211 costs.

peachyprice

That would depend on how much your savings are, where they are, how they got there, and how you pay your wifes debts.