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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
?? 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...