Rent back schemes could soar as the ghost of Christmas past haunts many a bank balance.
There may be many gifts you get at Christmas that are unwanted – whether it's that woolly jumper from Auntie Jean or cheap perfume set from a distant cousin. But the biggest unwanted fall-out from the festive season has to be debt. Rent back schemes could rocket in popularity in the New Year as more homeowners face up to the high cost of overspending. In fact, it seems many of us voluntarily walk into debt during Christmas, believing spending on gifts is more important than balancing the books. Rent back schemes could become a reality for many when you consider that despite the fact Brits plan to spend less this year because of the credit crunch, they still top the league tables when it comes to spending. Compared to six other countries in Europe, the average spend per person in Britain on Christmas shopping was ?356, but just ?244 across the rest of Europe.
Rent Back to Cope with your New Year Financial Headache
Rent back schemes give homeowners the chance to release much needed equity wrapped in their homes, while allowing them to stay put as legal tenants. Although a few hundred on Christmas presents might not seem like a lot, for those already overstretched on their budget, juggling debts and hit by big gas and electricity bills over the winter months, it's easy to see how debt can quickly spiral out of control. Rent back schemes may be on the New Year resolution list of more homeowners this year as the global credit crunch continues to squeeze on our wallets.
Rent Back as Economic Turmoil Hits
And no matter how hard you try to resist over spending at Christmas, shops launching aggressive price promotions will convince you otherwise. The increase in food bills will also be a heavy impact on many people's finances. And the news according to a leading price website that one in four of us are still repaying the bill from last Christmas illustrates how susceptible many homeowners will be this year to a sell house, rent back scheme. Rent back schemes offer a way to release cash – helping pay off debts. The research found that those in their 30s were more vulnerable to Christmas debts, with 47% borrowing money last Christmas, 35% of whom are still repaying the debt.
The statistics should trigger a few alarm bells for those homeowners faced with escalating household bills, rising mortgage repayments and increased job insecurity. Rent back schemes may offer a way out for those facing more economic turmoil in 2009.
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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