newbie to be

sunset777

Hiya,
new to the site although i've been trawling the archive for about a month. Need some answer, please, if anyone knows. We have negative equity, (house worth £235k/ mortgage £245k/ other unsecured debts £120k) self employed and tryying o establish an income. When I go down, will my wife and daughter(23) be allowed to keep the house if they ca pay the mortgage, assuming they other half can buy the OR's BI? Do th mortgage company have a say in the matter? What about shortfell and neg. equity? Does any if this make sense to anyne! Thanks,
Sunset777

DON79

Hi Sunset, welcome to the board :hello: - sorry I got fermi to move your thread because you will get more help on the main board.

If your house is in negative equity, it will be safe and you can keep the house as long as you can afford the mortgage and any debts secured on it. And your OH can buy the BI in it too which will safeguard it. As far as I am aware, it doesn't really concern the mortgage company, they probably won't be too interested as long as the mortgage gets paid each month. any shortfall of debt goes into your BR and it does not really matter that your house has negative equity, if anything, it is good because it does mean your home is pretty safe. strange to be glad for negative equity isn't it?

Important thing is - have you had advice from any of the debt charities about going BR? Their numbers are in the sticky at the top of the forum if you haven't as yet.

Donna