Partner filing for bankruptcy & remortgage

kevkev3110

Hi, 

I would really appreciate some advice as am getting worried and stressed about this! 

My boyfriend has recently moved in, he does have debts and is looking to file for bankruptcy soon as won’t be able to pay back what he owes. He pays for bills etc into my account each month. 

I am worrying that when I come to remortgage when my fixed rate ends in a couple of years. Can I simply keep the mortgage in my name, my boyfriend has no interest in being on the mortgage.
If I ensure he makes no payments to me 3-4months before my remortgage so when the bank asks for statements there will be no trace of him supporting with payments, so everything remains the same as when I purchased the house. 

Would really appreciate some advice. 

la531983

kevkev3110 said:

Hi, 

I would really appreciate some advice as am getting worried and stressed about this! 

My boyfriend has recently moved in, he does have debts and is looking to file for bankruptcy soon as won’t be able to pay back what he owes. He pays for bills etc into my account each month. 

I am worrying that when I come to remortgage when my fixed rate ends in a couple of years. Can I simply keep the mortgage in my name, my boyfriend has no interest in being on the mortgage.
If I ensure he makes no payments to me 3-4months before my remortgage so when the bank asks for statements there will be no trace of him supporting with payments, so everything remains the same as when I purchased the house. 

Would really appreciate some advice. 

I just remortgaged with my existing lender. Picked a new rate. No credit check, no statements asked for.

Cant you just do this?  In any case the mortgage is in your name only.

kevkev3110

Ah great thank you, I wasn’t sure wether all lenders would ask for statements 

la531983

kevkev3110 said:

Ah great thank you, I wasn’t sure wether all lenders would ask for statements 

Unless you are planning to borrow more, or change the term, existing lender will likely ask for absolutely nothing. 

Isthisforreal99

As an aside, and nothing to do with mortgage, check your home insurance if you are required to notify them that someone who is living in the property has been made bankrupt.

Emmia

Hopefully you don't have any joint accounts with him associating you both financially.

kevkev3110

No I don’t have any joint accounts, to be honest I am thinking of ending the relationship because I can’t cope with the stress of it all. He was completely honest about his situation from the very start, I don’t realise that it may impact my mortgage etc once he does file for bankruptcy 

Emmia

kevkev3110 said:

No I don’t have any joint accounts, to be honest I am thinking of ending the relationship because I can’t cope with the stress of it all. He was completely honest about his situation from the very start, I don’t realise that it may impact my mortgage etc once he does file for bankruptcy 

I completely understand why you'd do this. I have also ended a relationship in part because of the financial situation of the other person, and the stress caused.

ManyWays

 I don’t realise that it may impact my mortgage etc once he does file for bankruptcy 

It wont impact your mortgage at all. And it wont affect your credit score unless you get a joint account.

Has he taken debt advice? If not, suggest he should, phone National Debtline on 0808 808 4000 or Business Debtline on 0800 197 6026 if he is/was self emplyed.

Bankruptcy could be his best option, giving him a clean start, but there are other forms of insolvency and no one should go bankrupt without getting good debt advice. 

Emmia

Do you know how the financial situation arose? Gambling, compulsive spending? Or a business failure? Has /is he trying to sort out the situation in some way?

kevkev3110

he’s self employed and struggled with his taxes, a couple of years ago and got a payout that he shouldn’t have got, and decided to keep it and didn’t question it, he’s spoke to debt advisors and best thing to go bankrupt