No, they take other things into consideration, and given that we have no dependents and wont have any, that means we can afford a much higher repayments.
When we got our first mortgage we then had kids, and all the costs associated with that,
Had we got better advice we should have closed our business earlier leaving our staff out of work, foolishly we tried to salvage the business and in return for extra funding gave the banks personal guarantees. We could have lived off rental income from our US holiday home instead we used that to pay our creditors.
Yes once out of bankruptcy we will have a high earning capacity, but our age is a concern and why we want to do something now so we dont have to rely on state handouts in the future.
Maybe you feek we should just live off the state?
If we live to be 90, that means 25 years of the state paying housing for us, surely it makes more sense for the state to help people like us get back on the property ladder, and its not financial help required, its looking at the lending rules sensibly.