Cant service my btl mortgages?
I cant make the payments on my btl mortgages,,am i safe if i declare myself bankrupt,,i,m past caring about my credit status..but i cant lose my home.
Answer
If you have your btl properties rented out then they should be self financing. if not then depending how long you have had your btl mortgages and who the lenders are you may be able to take payment holidays until you can rent out your properties. even if you rent them out for the mortgage cost. you could sell these properties also and repay the lenders thus avoiding going bankrupt, which would be the worst case as all assets are taken from you and distributed to creditors via an administrator.
