You can do a voluntary repossession, in that you hand the keys back to the bank/building society - but you will still owe any outstanding balance after the sale. Or you can stop paying your mortgage and continue living there till they kick you out - again you'll still owe money on it. I had 2 flats repossessed years ago, but they never actually chased me for the money (in saying that, it was only around 30/40k, not 200k). My credit rating is shot to hell though, and I'll never get another mortgage.