Elsewhere
I have tremendouse respect for you- One of the resons I registerd with this site was your funny and informative posts.
However I must say your understanding of these contracts whilst correct fails to understand that the contract clause allowing a purchaser to walk away is written in the banks favour. It means break the contract and get behind on the repayments but then you walk or we evict.
Believe me dont take that option. When you take a loan from a bank have it in your favour. You benifit by getting on top of the loan . Never take a interst only loan. Borrow a house loan to be paid back in 20 or 30 years. Then pay more on your monthly payments(Sod the new T.V and Sofa) A 20 year loan can be paid back in 15 years. Have fun living rent free.
Acolytes