what happens to my house?

o99

Hi all, I'm a bit new to all of this and in a spot of bother.

I currently owe in the region of £65k to personal loans and credit cards. I have a house that is mortgaged and like many others at the moment is in negative equity.

I may be about to loose my job and will have no income.

My wife can afford the mortgage payment. What is likely to happen to the house?

Merry_Gentry

If you wife can afford the mortgage payments, then you should be able to keep your house. Are there any joint debts at all?

o99

Merry_Gentry wrote: »

If you wife can afford the mortgage payments, then you should be able to keep your house. Are there any joint debts at all?

No, the whole lot is down to me. What is the deciding factor on the house or is it a case by case issue?

Merry_Gentry

Well if there are no arrears, your wife will probably be allowed to buy your Beneficial Interest for something like £250 plus £1 - I believe that is the amount when it's in negative equity.

o99

Thanks for the advice.