Recently discharged what should i do about joint mortgage

deliveryguy1

I currently have a joint mortgage with my partner tracker mortgage  at 4.25% currently we owe £28,500 on it  the value of house is roughly worth £75,000   i/we are currently paying £358.00 a month  which is £104.00 interest  and £254.00 of principle  i phoned bank to see if they would lend me any money to pay off the trustee  but they are not prepared to lend any extra .  but prepared to put me on a better rate should i change to a better rate and then try to get a mortgage somewhere else at a later date should i try for interest only mortgage  or repayment mortgage what should i do ? no one has contacted me over house so not sure whats happens now  household income with benifits  roughly £1900 a month

luvchocolate

What did the OR say about the house is there any equity in it?
They have 3 years to deal with a family home 

deliveryguy1

luvchocolate said:

What did the OR say about the house is there any equity in it?
They have 3 years to deal with a family home 

there is roughly  £40000 to £45000 equity  roughly  £20000 is my share i went bankrupt on  29th January 2020 was discharged on the 29th January 2021 i have not contacted trustee as if i cannot raise the capital . i am on a high rate 4.25%  on mortgage currently paying £358 if say they left it another 2 years  the mortgage would have gone down £6000 of witch £3000 is my share so even if house prices stayed the same the trustee would want an extra £3000  of me meaning i am paying it twice i could save that up in a different account . i signed form so they get my share if we sell

worrie09

@luvchocolate, what if the 3 years passed and the Trustees have not issued a letter re-vesting the property to the bankrupt? what are the steps to correct this?

fatbelly

If this is a family home, and it is 3 years since the bankruptcy order, ask the trustee to confirm

https://www.insolvencydirect.bis.gov.uk/freedomofinformationtechnical/technicalmanual/ch25-36/chapter31/part3/part3/part_3.htm#31.3.72

That's slightly out of date but the principle still applies.

Minkym00

fatbelly said:

If this is a family home, and it is 3 years since the bankruptcy order, ask the trustee to confirm

https://www.insolvencydirect.bis.gov.uk/freedomofinformationtechnical/technicalmanual/ch25-36/chapter31/part3/part3/part_3.htm#31.3.72

That's slightly out of date but the principle still applies.

FYI the current technical guidance for ORs has recently been published here (finally!) https://www.gov.uk/guidance/technical-guidance-for-official-receivers

fatbelly

That's really useful - thanks!