Mortgages for Bankrupt

tigerfeet2006

VfM4meplse wrote: »

I don't know a great deal about bankrupcy but I do know that if you had a property repossesed previously the lender has a right to claim that money back from you for a number of years (is it 12?) and I would be v. cautiious about investing in property in the interim.

Santander (or The Grabby as they were fondly referred to) were famous for it after the last recession.

If a property is repossesed and you are made BR then the shortfall goes into the BR, so they can't chase you at all.

tigerfeet2006

philnicandamy wrote: »

what debt to repay? most are written off in bankruptcy so i'm a little confused

Phil I am guessing if there is equity in the house then the OR would wish to realise this to go to the creditors.

tigerfeet2006

OP they should look for an independant mortgage broker who will cover most of the market. Though I am guessing they will have extreme difficulty getting a mortgage in the current climate.

Have they had their property valued recently to check what sort of market price it could fetch? If not then I would suggest they get 3 or so estate agents in and ask them what they would market it for for a quick sale.

tigerfeet2006

sarchet wrote: »

Am thinking of going bankrupt, what are the main things I should know before doing this?

I currently have a buy to let house, would this be repossesed? as there are tennants in it?

Also, if it was re-possesed, the house would be in negative equity, so there would be a shortfall and wanted to know if this would be included in the BR?

Are you expected to pay anything back or is it all written off?

Also currently living with partner, who has their own property in their name only, will this have any affect on them?

How much does this cost and last for?

Need to know these things and other advice on this welcome, before commiting to BR.

Thanks

Sarchet,, I am going to ask a board guide to move this to it's own thread where it will fetch more answers to suit you and not get lost in some one elses thread.