As many others, we are struggling to sell the house. I have been out of work since Xmas, and I feel that this house is starting to eat in to our small savings pot. The estate agents are trying to be positive..... But looking deeper in to it, by the time we have accepted an offer, paid the fees we will be lucky to get £5k profit. We are also paying £1k a month on the mortgage...

What would happen if we just left and put the keys through the banks letter box, perhaps with a small note - Gone to live somewhere warmer....?

its sooo tempting

Don't despair.
Our house has been up for sale since June 2007 and we were beginning to think it would never go. We have had 6 viewings and two offers in one week. Things are suddenly moving, so I hope you have the same result. Good luck.

They would sell the house and you would be liable for the shortfall between mortgage (including interest and fees) and price it sells for, which would probably mean you would end up owing them a fair bit in todays market....saying that they have to find you first!

Have you tried one of those quick sale companies?

What about changing it to an interest only mortgage(if you haven't already) and renting it out if that would be enough to cover the mortgage?
Am sure you have thought of the above but mentioned just in case
Good luck

I was also going to suggest changing to an interest only mortgage

Good luck and hope it sells soon

have you looked into renting it out?

Yeah, looked at renting and interest only... not really an option.
Its quite a new mortgage so most of the payment is interest :-/

Rent wouldn't cover the interest either....

Those quick buy companies wont pay enough to cover the loan amount :-(

Mark

You may wish to consider that at some time in the future, you may want to return to live in the UK & want to have credit again!

I hope you get it sold

my daughter done that many years ago, self repossesion its called, the building society auctioned the house and it just cleared all her debt's, but it screws the credit rateing, if it dont reach target payment you have to pay difference,

HI JUST WANTED TO SAY WE BROUGHT IN 1989 AND 2 MONTHS LATER FLAT WAS WORTH NOTHING!! SO WE HUNG ON TILL 1995 RENTED IT OUT (ALL WENT T--S UP SO CONTACTED BUILDING SOCIETY AND WAS TOLD TO FIND A BUYER WHATEVER THEY WERE PREPARED TO PAY AND THEY WOULD TAKE ENDOWNMENT AS FULL AND FINAL PAYMENT AND NO DEBT WOULD OCCUR (THEY DIDN'T HAD TO SIGN A DEBT DECLARATION) 4 DAYS LATER OFFERED ANOTHER MORTGAGE BY THEM TURNS OUT WE NEVER HAD A BAD CREDIT RATING BUT WOULDN'T RECCOMEND AS THE WORRY FOR 10 YEARS WAS HORRID!!!
KARENX