Default on UK Property

[lopin]

All,

I own UK property, with the increased interest rates and management fees, I'm unable to continue subsidising the property. The property is in negative equity so if I sold it there would be a shortfall.
My question is, can the UK banks go after me for the shortfall. I'm on an old age pension so I don't have the funds to pay shortfall

 

[ClubMan]

Again?

looking for a bit of advice. Due to high % rates I can't afford to continue to pay mortgage on UK investment property. What would happen if I handed back to banks and walk away, can UK bank chase me in Ireland for shortfall

https://www.askaboutmoney.com/threads/can-i-hand-back-a-uk-property-in-negative-equity.231768

 

[Bronte]

Do you have assets ? Is your only income a state pension?

 

[lopin]

My home is my only asset

 

[Brendan Burgess]

The last time you asked the question, it was suggested that you do a money makeover.

It is still the best approach to get a useful answer.

But the short answer is yes, if you owe money, the creditor can go after you.