Rented property ehat are you paying while bankrupt

mug098

As title say

I will have to surrender my house due to loans secured on it and no equaty.

Looking for renting but not sure what the o.r will class as resonable.
There is myself and my 3 lads so a 3 bed house min i think.

So the question is
HOW MUCH ARE YOU PAYING ????

silvercar

I'd start by looking at the LHA (housing benefit) for a 3 bedroom house in your area. Not that the OR will insist that you rent at HB levels, but it will give you an idea of reasonable rents. Also look at rightmove.co.uk and see what is available. If you children are at school it would be reasonable to see what is around in your area unless you live somewhere far more expensive than surrounding areas.

Before you decide to give up your home, consider whether the secured loans and mortgage would be manageable if you didn't have unsecured debts.

dojoman

The question is not relevant, as different areas of the country will have different rates. So as long as the rent you are paying, is average for the area where you will be renting, and the house is suitable for your needs you should not have a problem.

fiveyearplan

I agree with Dojo - it depends where you live. My interest only mortgage was £1,600 per month and OR didn't bat an eyelid. Saying that I do live in London and we have a modest house suitable for our needs and it was bought long enough ago that a similar property would cost far more these days.

Worcsman

mug098 wrote: »

As title say

I will have to surrender my house due to loans secured on it and no equaty.

Looking for renting but not sure what the o.r will class as resonable.
There is myself and my 3 lads so a 3 bed house min i think.

So the question is
HOW MUCH ARE YOU PAYING ????

Hiya, I can oly tell you our own experience. We found a place for £650 per month, we sold our car for £7.5k just before BR and used all that money to pay for the removals and rent up front, told the OR at the interview and he was satisfied with what we had done.
Other OR's may be different though but ours was totally hands off with us, spoke during the interview and then that was it.. Not a dickybird apart from with the trustees. Good luck.. If yit isnt too late, you should consider renting then going BR and not the other way round.

BRSurvivor

My wife and I both went bankrupt, and we were paying £580 for a 3 bed unfurnished for us two and our 1 year old son. We were both out of work at the time, but we took out the rental while I was still working and then we left our mortgaged property.

There are cheaper rentals in the area - we looked at one the same day, 2 beds, £480 a month. OR never raised an issue with our rent.