I am currently on an interest only mortgage with no chance of paying off capital by the time I'm 65 (13years time) what happens if I declare myself bankrupt just before I retire to the outstanding capital on the house?
If you want to keep the property then you would need to keep up the repayments. Declaring BR will not allow you to write off the remaining mortgage amount and for you to keep the property.
If you don't want to keep the property then you can include any mortgage shortfall in your BR and leave the property.
I am currently on an interest only mortgage
Posted - 13 October 2010 : 15:59:56
