mortgage repayment to who?

mick1939

Silly question,probably been asked before?

If say I had a mortgage of say £100k with a bldg soc and they went bust,who then owns the house?
Would it be mine thro' default of the bldg soc? or, what would happen?

The reason I ask this,silly as it may seem, is that if I had savings in the bldg soc of £100k, I would at present lose £50k of this if they went bust so by my reasoning why can't I "lose" my mortgage which is a debt as apposed to my savings which should be an asset!!

rozzy_2

My understanding is that your house is an asset, so if a bank went bust, the assets would be bought by another bank(s). So unfortunately you would still have to pay your mortgage just to a different lender???