Response to HALIFAX - unusual problem...

Errr..yes you should have told your first Lender about the second mortgage. The [undisclosed] security for the second is undoubtedly the first....and now vice versa. So, handing the keys back is a really bad move I am afraid. You will have to sell the flat, and negotiate the loss with the BS, which will sidestep the nightmare that is repossession. The first Lender may slap a lien on the second property, but providing you repay the agreed amount to the first Lender, legally it will be inconsequential unless you default on the second mortgage too.

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