Voluntary Repossession

[Valrie]

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?

[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.