Under bankruptcy, if you own your house, either solely or jointly, your interest (ownership) will pass to the Official Receiver or Trustee. Unless you can afford to buy it back, eventually the house will have to be sold, this will be by Court order if you don't agree to do it voluntarily. You get given one year's grace during which time you can continue to live in your house as long as you continue to pay the mortgage, then after that year's up either you buy back the Official Receiver's interest or the house will have to be sold.
The charge to change yor existing mortgage product from repayment to interest only should be minimal.
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