Rent back schemes could help stem the financial gap as spending power wanes
Rent back schemes can help some people in a financial fix – especially those who have equity in their home. A rent back scheme allows you to sell your house for cash, and stay put as a legal tenant. It means you can release much needed cash, something that more homeowners are desperate for in today's economic climate. Rent back options appeal to those who want the financial benefits of selling property, but don't want to leave their family home.
Rent Back as Life gets more Expensive
Rent back schemes could work for those who need a short term fix with their finances. Households on low incomes have been worse affected by the escalating living costs. It's been calculated that those on the lower rungs of the salary spectrum are paying more for essential items than they are earning, leaving them in a position of impossible escalating debt. Without a financial windfall, their debts could be putting them at risk of losing their homes. Rent back schemes could be useful for some people struggling with their finances but who don't want to leave their home for emotional or practical reasons.
Rent Back, Reign in the Costs
Research from supermarket Asda says that the average family is ?676 a year worse off in July 2008 than they were in July 2007. The squeeze on income is resulting in more people seeking out rent back schemes as a potential solution. The figures are due to the fact utility bills and household costs have jumped up to an additional ?30 a week compared to costs last year, and a ?5 increase in tax means the average family is worse off as most wages only rose by ?16 a week in the past year. The Times newspaper reporting these statistics and surveys states that inflation could rise as high as 6.7% in the year to come. Rent back schemes are sought after as running a house as well as keeping up with mortgage repayments is becoming unmanageable for many.
Many home owners have put their financial hopes and security into their homes, but rent back schemes are increasingly popular as a backlash builds against the extortionate housing market, with some homeowners facing negative equity as the cost of their mortgage outstrips the cost of living.
Looking for a Sell House, Rent Back Scheme? Speak to Property Rescue
If you need help to get a sell rent back scheme for your property, contact us at Property Rescue. We’re committed to helping you, whatever your circumstances. Property Rescue has helped hundreds of homeowners, rescuing them from desperate situations. With Property Rescue you can rent back with confidence.
Call freephone 0800 1313 999 for help today.
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