Br And My Home......

peachyprice

It is unlikely you would lose your home, as you say you have no equity, the OR does not take a property just for the sake of it.

One other thing that may be taken into consideration is the mortgage compared to renting a similar property in your area, if there was a huge difference, £100's & 100's, the or could ask you to leave the house, although this rarely happens. Have a look on Rightmove, just to see how the land lies.

AAW_2

Renting accomodation in my area is about £600.
My mortgage is currently £886, but this is where I am confused?????
My secured mortgage payment is £740 and the unsecured mortgage payment is £146. So have I read into things properly in thinking that if I do go bankrupt the unsecure loan on the mortgage payment may be included with the credit cards, loans and car finance????
I'm still feeling sick as I write this and feel so ashamed but I have been trying to get things sorted and can see this as the only way out.

fiveyearplan

AAW please don't feel ashamed, you didn't purposely end up where you are. Most people don't go into BR lightly and most have explored all options before making the decision. It is entirely legal and if it was your creditor and they could legally think of some way of making you pay more they would and they wouldn't lose a minutes sleep over it.

I can't really say anything about your unsecured payment as I know nothing about those kind of mortgages.

peachyprice

AAW wrote: »

Renting accomodation in my area is about £600.
My mortgage is currently £886, but this is where I am confused?????
My secured mortgage payment is £740 and the unsecured mortgage payment is £146. So have I read into things properly in thinking that if I do go bankrupt the unsecure loan on the mortgage payment may be included with the credit cards, loans and car finance????
I'm still feeling sick as I write this and feel so ashamed but I have been trying to get things sorted and can see this as the only way out.

That's nort particularly excessive, I doubt the OR would be too bothered, especially as you need stability for your children.

Is is a NR Together mortgage? I believe some people have had success including the unsecured bit in BR and continued with their mortgage.

fiveyearplan

I, too, thought it was probably NR - no wonder they're in such a mess.

AAW_2

I've just looked at my mortgage statement and it doesn't state what type of mortgage it is other than repayment, NR Together mortgage does sound familiar though.
Has anyone out there had similar dealings with Northern Rock?
If so I'd be very grateful if you could shed some light on the matter.
Thanks again to everyone.

JCS1

Used to see it quite a lot, Mortgage with NR and they would offer £10-£25k unsecured loan at the same time.

The unsecured loan is included in bankruptcy. OR will double check as they'll print off land registry for your property.

custard_cream_3

Logically, if it's unsecured, it's unsecured. The only way it could be secured and therefore not included in the BR is if the lender has sought and obtained a charging order. That takes a long time and you'd know about it!

BlueIsTheColour

My friend had this type of mortgage from NR and the unsecured element was included in her BR and she remained in the house due to negative equity.

Good luck on your journey, the great people here will support you on your way, you've made the first step in posting

AAW_2

thanks for all your help!!!!
Another quicky - I have car finance with BlackHorse - there is still £5000 left to pay but the car is worth at most £3000....are they likely to turn up and take it away once I have stopped making payments??