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Voluntary Repossession

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Valrie | 13:57 Fri 13th Jul 2007 | Personal Finance
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Does anyone know the implications of handing the keys back to the building society on a property as opposed to them actually repossessing the property from you? Would a person named on this mortgage still be able to get another mortgage?
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Avatar Image Ethel
You would be in breach of your mortgage contract and could find it very hard to get another mortgage.

You could also lose a lot of money - you would probably get a lot more money selling the property yourself.
15:57 Fri 13th Jul 2007

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