What happens with voluntary repossession?
This is when, as a last resort, you simply hand over your keys without going to court. Your lender might even suggest this to you if they think it is unlikely you’ll be able to repay your arrears. Voluntary repossession can seem like an easy, stress free solution at a glance. But your debt will probably grow as a result. And lenders will be very reluctant to lend to you in the future. Think twice… if you’ve already decided to hand your keys in, you might still have time to find a better option. You still pay your mortgage after voluntary repossession Voluntary repossession doesn’t solve everything. Even though you hand in your keys, you still have to pay the mortgage until your home is sold. You also have to pay for somewhere else to live while things are being sorted out. Because it might take some time for your home to sell, the amount you owe can go up dramatically while you wait. Your lender will use the money from the voluntary repossession sale to pay all sorts of things: * If yo
