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Hello all,
I was a 2nd applicant (PAYE) on a self cert mortgage provided UCB (Nationwide) and provided less than 20% of the required income on this mortgage. The first applicant was self employed and provided more than 80% of the required income to obtain the mortgage, having gone bankrupt and then divorced. This now leaves me with a shortfall of approx 74k that they are solely chasing me for.
How I see my options moving forward is:
a. Make a full and final offer of 10K which is my current savings which includes some shares.
b. Apply for bankruptcy (as they will take savings and shares).
c. As for the debt to be written off given the small percentage that my income contributed.
d. Wait for the mortgage/debt company to make me bankrupt and contest in court.
I am currently in full time employment but have just commenced maternity leave for the next 12 months with my second child and therefore at this stage I am unsure whether I will return to work full time due to child care costs.
Please could someone offer any advice on how I best proceed with this?
Thank you
I was a 2nd applicant (PAYE) on a self cert mortgage provided UCB (Nationwide) and provided less than 20% of the required income on this mortgage. The first applicant was self employed and provided more than 80% of the required income to obtain the mortgage, having gone bankrupt and then divorced. This now leaves me with a shortfall of approx 74k that they are solely chasing me for.
How I see my options moving forward is:
a. Make a full and final offer of 10K which is my current savings which includes some shares.
b. Apply for bankruptcy (as they will take savings and shares).
c. As for the debt to be written off given the small percentage that my income contributed.
d. Wait for the mortgage/debt company to make me bankrupt and contest in court.
I am currently in full time employment but have just commenced maternity leave for the next 12 months with my second child and therefore at this stage I am unsure whether I will return to work full time due to child care costs.
Please could someone offer any advice on how I best proceed with this?
Thank you
