Sell house rent back schemes may be an option for home owners who were mis-sold their mortgage
Sell house rent schemes are bailing a raft of struggling home owners out of financial misery. The sell house rent back scheme involves a property rescue company buying the house in question outright, usually for a discounted price of around 10 - 15% below the market value of the house. It means home owners can get a fast cash sale instead of falling into deeper debt or risking repossession by waiting for a buyer on the open market.
Sell House Rent Back – Mortgage Mayhem
But as a recent report by BBC News reveals, many people are victims of the housing market. Some home owners are being pushed into sell house rent back schemes as a result of being poorly sold an inappropriate mortgage. Those who took out mortgages that were simply beyond their affordability, or pushing their affordability to the limit, are now vulnerable to sell house rent back schemes.
Desperate to Sell House
Rent back schemes appeal to those people who really don't want to leave their family home, but whose financial backs are to the wall, often through no fault of their own. Debt has generated a lot of negative publicity on the irresponsible spending of many Brits as they max out their credit cards. But in fact, investigators from the financial watchdog, the Financial Services Authority, says some of their research shows evidence of mortgage fraud. One lender was giving its customers what they wanted for their mortgages so they could meet the high property prices - affordability was a secondary consideration. As a result, there are many home owners struggling with their mortgage repayments as the credit crunch hits and property prices plummet. Sell house rent back schemes could be the only alternative to repossession for some .
Sell House, Rent Back – Questions of Affordability
Although the FSA is now fining lenders who have given out mortgages irresponsibly, it still leaves thousands of homeowners in a financial mess with few options left, aside from a quick house sale, sell house rent back scheme or the threat of losing their home. The FSA say that although it's hoped irresponsible advice and lending is rare, evidence suggests it is a 'serious and widespread problem'.
Currently there are over 100 potential cases of mortgage fraud, with 17 mortgage brokers banned for fraud already this year. It's no wonder more homeowners are left seeking a sell house rent back scheme as debt takes over.
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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