voluntary repossession - help needed

K-lo

Hi,

We owe £100k on unsecured debt and are in negative equity, we are considering voluntary repossession. How will this affect us getting a rented property.

Any help most appreciated

Thanks

sophiesmum_2

Most private landlords now ask for credit checks so it would not be favourable for you with a repossession.
Also as far as I understand it even if you hand the keys back to the building society you are still liable for the mortgage on the property. If they sell the property at auction it may go for much less than market value and you will still be liable for the shortfall.
You need to think seriously before taking action and get some proper advice, maybe try the cab, see if they can advise you.
Good Luck
sophiesmum

Conor_3

Best way is to get the rented property before handing back the keys.

Remember that mortgages and secured loans are not included in bankruptcy if this is where you're thinking of going regards the £100k debt so the mortgage company will pursue you for any shortfall.