Handing back the keys!

The headline to this post is a phrase I heard used on more than one occasion on my recent short trip back to England. Here is an explanation that includes a statement from the Council of Mortgage Lenders in the UK which states that lenders can only chase bad house loans for six years, a fact of which I also was not previously aware. Seems what I have previously described in my blogging as "walkaways" are likely to become even more numerous! An interesting question not covered in the linked comment is whether or not the lender can claim for missed mortgage repayments and interest between the time of the handing back of the keys and end of the six year period for reclaim. If not then the Lloyd's shareholders who foolishly agreed the HBOS acquisition last week must kiss farewell to their investment. Worrying for annuity holders with Legal and General (such as myself) which insurer supported the HBOS takeover and yesterday approved the dilution of their Barclay's equity value - have they really thought all this through?