The problems associated with selling a property were exemplified in August when the number of mortgage approvals dropped by 95%. Many will aim to use a rent back scheme to quickly sell their property, release the equity and continue to rent the house in the short or long term.
According to a report in the Yorkshire Post, the month of August represented the lowest ebb in the property market to date as mortgage approvals nose-dived by 95% and fall to their lowest levels since records began. This level of decline really is unprecedented and spelt disaster for those looking to sell their home on the regular property market. As such, many have come to realise the advantages of rent back schemes which not only quickly facilitate the sale and equity release of your home but will also give you the attractive option of being able to continue to rent the property after the transaction has been completed; which is done in a time frame to suit you but which, in a number of cases, can be done in as little as 24 - 48 hours. This represents a massive fillip to homeowners who have struggled fruitlessly to sell their home on the open market as a rent back proposal is applicable for all types of property regardless of their location and thousands of homeowners across the UK are expected to take advantage of this fact in the remainder of 2008 and into 2009.
Rent Back – Phenomenal Decline
The dearth of affordable mortgages is problematic for many aspects of the housing market for both those looking to sell their properties and, conversely, those hoping to buy. With this in mind, it is clearly apparent that rent back schemes are often perceived to be the best of both worlds by homeowners as not only do they not have to worry about the multitude of pitfalls that beset the regular housing market, such as broken chains and buyers pulling out, a rent back scheme also has the additional benefit of minimising upheaval by allowing the continued renting of the property after the sale has been completed at a level which will be affordable and in line with the market conditions in the area. According to the report in the Yorkshire Post, the sheer scale of the plummeting of mortgage approval was revealed when the Bank of England stated that the sum had fallen to ?143 million in August from just under ?3 billion in July.
Rent Back – Stemming the Financial Fallout
The credit crunch has had an impact on so many facets of the economy but it goes without saying that the property market is amongst the hardest hit. With this in mind, more and more homeowners are actively seeking out rent back schemes that allow them access to the equity tied up in their homes but which also offer the additional feature to rent back the property after the sale itself has been finalised.
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.