I have viewed a lovely house today for Rent.Is it as easy as people have told me to just stop paying my mortgage to save up for the deposit and then just voluntarily surrender my home back to the building society. I know I have asked this before but it feels too easy. I have never missed a mortgage payment before and its such a big step to take. Has anyone else on the forum done this and what were the consequences?
Thank you
G x
There is light at the end of the tunnel, I can actually see it !!!!
Edited by - wellerchic on 16 November 2009 20:02:44
Hi Wellerchic, I did exactly the same as has a friend of mine who is just going through the BR process. I gave up my house through Northern Rock in March. I found a property to rent which is beautiful. I rang NR and told them I wanted to hand it back. They will tell you possibly that it is not that easy but I still sent the keys. You will be able to stop your payments and use that to save for court fees or rent etc. The Mortgage company will eventually arrive at your "old" property and change the locks but I moved out before this happened and basically just emptied the house, locked it up and said goodbye as has my friend too. I have been living in my rented property for over 6 months and did receive a letter from Northern Rock some months ago saying they have now re-possessed. I have heard nothing since and all mortgage and potential shortfall was included in my BR. Good luck to you.
as Frosie said it is really that simple, the only thing to be aware of is the likelihood of them asking you to sign a form stating you accept liability for any shortfall there may be after repossession and sale. DO NOT SIGN IT!! they may even say they cannot accept the keys without you signing it, if so send the keys to them recorded delivery when you move out.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman) RevivaUK helped me through it all i can't recommend them enough!!
Is it this easy? Changing from Mortgage to Rental
Posted - 16 November 2009 : 20:01:42
