We had a together mortgage a few years ago, but when we moved last year we went with Natwest as Northern Rock wouldnt let us move the mortgage to the new property as husband is self employed. The house sold at a loss, so we didnt pay back the Northern Rock loan, and they doubled the interest rate.
If Northern Rock do secure this loan on the house, and we are in negative equity and we decided to go bankrupt, would we definately lose the house?
We are with Payplan and they have approached our creditors saying that we will increase our payments when i secure work, which i have just done, start job on 10th Sept(part-time) and also when the car payments have finished we will include this extra money.
I am just trying to decide the best option for us and my main priority is to keep the house, we have moved so much over the years(ex forces family)and one of my children has aspergers and found our last move so difficult, she is very settled now, dont get me wrong, if a council house was available in our village that would be fine, but there arnt any available, apparantly a wait of at least 2 years, and i really do not want the kids to change their schools again. As for renting, there are 3 bedrooms that come up now and again but with 4 children and pets, we would need an understanding landlord!
