Sell, Rent Back – Mortgage Approval Reaches Record Low

With so many struggling financially given the credit crunch the fact that the housing market has come to a standstill can be problematic. Many homeowners will use sell, rent back schemes to overcome this problem.

According to a report on This is Money, the number of mortgages being approved reached a record low in May and the average two year fixed rate now exceeds 7%. This is causing a debt management nightmare for many homeowners who are experiencing significant financial arrears but are finding that the stagnating property market is precluding them from releasing the equity from their homes via the mainstream property sale techniques such as estate agents. As such, many homeowners are now beginning to realise the benefits of sell, rent back schemes when it comes to a quick release of equity that is tied up in the home which can then be used to tackle debt problems. A sell, rent back scheme can be beneficial because not only does it negate the regular pitfalls such as a broken chain or a buyer getting cold feet but it also allows the homeowner to continue to rent their home once the sale has been completed.

Sell, Rent Back – A Guaranteed Sale

The state of the property market at present is causing many a problem for homeowners looking to sell as buyers are increasingly thin on the ground and ever more reticent to make offers. According to the report on This is Money, 56% less mortgages were approved in May of this year than at the same time last year and this is causing financial difficulties for many homeowners. As such, many are opting to utilise sell, rent back schemes in order to address their financial difficulties. The main incentive of a sell, rent back scheme for homeowners experiencing monetary strife is the fact that it represents a guaranteed cash offer and there is no chance of the sale breaking down due to a broken chain; something that is becoming increasingly likely on the open property market.

Sell, Rent Back – Regaining Control of Finances

There are many economic reasons that have combined to make it increasingly difficult for homeowners to make ends meet each month including the decline in mortgage approvals and the rapidly skyrocketing cost of living. As such, record numbers are expected to make use of sell, rent back schemes in 2008 in order to release the equity which is tied up in their homes and use it to get their financial futures back on track.

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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