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22 July 2010

What are the implications of not telling my mortgage company that I will let one my propoerty?

My home is in negative equity (5-10K) I cannot afford to take a hit on that, but the rental market suggests I can make £150 profit per month (after fees etc) so that is the preferable option. However, I can't change mortgage due to bad credit (bankruptcy two years ago - but did manage to keep my home and never defaulted on a single payment to the mortage company).

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