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Can I give the keys back to the lender & move out & stop paying mortgage?

I want to move house urgently.

Asked on Jun 27 2009, Home Finance in Leigh | Report content

Answers (2)

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  • If you give the keys back to the lender you will then have your house repossessed if the house sells for less than you owe the lender can chase you for the remainder of the debt which can take years for you to pay off, they could make you bankrupt as well. We have come up with a solution for people who want to hand their keys back to the lender, we would take complete control of your property and pay the mortgage and monthly bills on your behalf this would not cost you anything. If you are interested to receive more information on this you can reply to this answer or use the 'Contact Me' button under my profile details.

    Answered on Jun 28 2009, Report content
  • Yes you can give the keys back but you would be much better of arranging with your building society to go onto an interest only mortgage and renting your property out, they will give you permission to do this as long as you let them know the only other option is to repossess which they do no want to do. This enables you to retain ownership of the property and when prices increase in the future (which they will) you can then sell the property at a profit.

    Answered on Feb 2 2010, Report content

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