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

bump.......................

bikerqueen

Are your finances linked at all currently?

Broken_hearted

If you are going to have such a small mortgage why would you need to go bankrupt.

tyllwyd

I'm afraid I have absolutely no idea of the legal position. But I think you, and your OH's parents should get legal advice (independently) about the situation, because it is a great deal of money to be risking. I wouldn't be at all surprised if the mortgage company asked to be sure that they had been given legal advice before going ahead, just in case it was a situation where they were frail and old, and their son was bullying them into something that wasn't in their interests (which I'm sure isn't the case here, but the mortage company has to cover its back).

Apple_2

Go bankrupt first.

I know the equity in the house would be jointly owned by parents-in-law plus O/H ...... so it should be ok ........ but it's potentially a complication so avoid it altogether. Go bankrupt before the purchase.