If you decide to end your mortgage

• It is better if you sell your home yourself. The lender will usually consent to this
• The lender does not have to sell for the best price or at the best time, although they must act in good faith and not wilfully or recklessly sacrifice your interest
• After the sale the lender should give you a financial breakdown, including what, if anything, you still owe
• You are still liable for any shortfall
• It is not too late to take legal action against the lender or others after the sale

After giving the matter careful thought and obtaining expert advice, you may decide that you cannot afford to keep your home and that you are going to end your mortgage.

The most effective way to reduce mortgage debt and the other debts associated with keeping your home is to sell it.

The sale of your home may not cover all your debt (and remember that you will also have to pay the costs of the sale). If there is money owing after the sale you will still have to pay it – unless you go bankrupt. But even if the sale doesn’t cover it all, the debt will be greatly reduced.

Related Topics