Giving the keys back to the bank

[Yorkie]

We are finding it increasingly more difficult to pay our mortgage which is currently 7% (interest)although at the moment we are not in any arrears.

We have spoken to the bank who offered to let us pay interest only but this is still not a good option.

If we give the keys back to the bank what are the consequenses and can it affect our home and assets in the UK.

The mortgage is much less than the house is worth.

[Expert advisor]

Giving the keys back to the bank

In response to your query, I inform you that giving the keys back to the bank would be by means of a procedure called dación en pago: exchange of the property for the debt. However the bank has to agree on the above, they can not be forced to accept the mentioned procedure.

Should the bank approve it, then the debt would be settled and therefore there would be no consequences for you in the U.K.