OH getting a mortgage with parents - me going bankrupt affect this?

rescuethemall

Wondered if anyone would be able to give me a quick answer to my queries please?

My other half's parents want to get us into our first home, and are prepared to invest a big deposit with us having a small mortgage.

However, they are fully aware of my situation (owing 46k) and wanted to know if OH and parents jointly have a mortgage (them a large deposit, and OH a smallish mortgage, no bigger than 50k) and I go bankrupt would the house be affected in any way - especially once we're married in 8 weeks time?

rescuethemall

Does anyone know?

inmypocketnottheirs

I would say that as long as your finances are entirely seperate, no joint debts, joint accounts, joint applications for credit or any situation where you and your OH names are linked on any financial products that you should be ok.

I would suggest however, that you go bankrupt first, let the dust settle, then take the mortgage in your OH and inlaws name.

HelpWhereIcan

AFAIK, If there is no financial link between you, then her affairs should be kept seperate from yours.

Going off thread I know:

I would say that you should consider other alternatives to bankruptcy before going bankrupt - it is not the easy option that it is often made out to be and the long term effects can be much more drastic than other options such as an IVA or debt management.

Get a few opinions before choosing bankruptcy and make sure you investigate the alternatives before going into bankruptcy. I was shocked to find that someone I was talking to went bankrupt on the advice of CAB (cos it was easy!!) when they may have been much better off with an IVA.

Hope this helps