125% mortgage and repossession!!!

dhan

Just wanted to get some ideas from whoever knows....

I have a 125% mortgage , £200k...... not been remortgaged long and I have some credit cards £20k and a loan £25k. For personal reasons I am thinking of declaring myself bankrupt!! I have tried to get as much info as I can but does not seem to be getting anywhere. Obviously the idea will be to get rid of all the debts as well as benefitting from the equity of the remortgaging. From what I do understand...........I will lose the house but in one year time all my debts will be wipped off and I will be able to start all over again ..... is it as simple as this???? Surely not!! Is there any website where I can read more about it............ does anybody know how the whole thing works?????

In the 125% mortgage I think it is 95% of the value of the house and then there is a secured loan on top to give the extra borrowing.

Any help would be much appreciated!!

dmg24

I will lose the house but in one year time all my debts will be wipped off and I will be able to start all over again ..... is it as simple as this????

No, definitely not!

If you look at the Debtfree Wanabee board, you will get much more information there.