Is it possible to surrender your property to the mortgage company?
I'm from the UK. I would like to move quickly, but can't sell my house in time. One option is to surrender the property. Is this possible or legal?
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Hi,
It is unlikely that your Mortgage lender will want to take voluntary repossession of your property. This normally only follows if arrears have accumulated. Also it would not leave you with a good credit rating with them and these organisations do share information.
From the sound of your question I do not think you would achieve your objective, even if they said YES (which they will not) as moving quickly infers that you wish to get your capital out to move on but once in possession interest will continue to accrue and you will receive no money from the lender until after they have sold your property.
If its speed and the proceeds from your house you are after then try lowering your sale price (if you do have it on the market).
Also speak to your lender they will (hopefully) give you some advise.
Good luck