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?? Under the UK mortgage system a debtor is liable even if the property value is less than the loan. You can't cut and run from the debt without bankruptcy or a CVA etc, can you?
It is different in the US where your advice would hold true...
andyfallsoff-
The US is fully non recourse, yes, but in the UK there are a whole range of options that the bank will offer before going down the foreclosure route - term extension, restructure, forbearance etc. Even in forbearance banks will and do accept short sales, cash for keys and so on.
If you have a bit of cash set aside it might put you in a stronger position, especially if your loan gets sold to someone like the firm I used to work for.
NickCJ
Overpaying a mortgage over 100% LtV is throwing away money. If you think there is a risk of going into negative equity, best to keep your money somewhere else so you can cut and run from the property if needs be and come out with some savings.