Sell and rent back schemes aren't just being snapped up by low income families.
Sell rent back schemes are very much considered to be aimed at lower income homes who are facing repossession risks. Although it is true that those on low incomes have been proven to be hardest hit by the credit crunch, pushing many into unavoidable debt, sell rent back schemes are not just aimed at those on the bottom of the pay scale.
Sell Rent Back Schemes Cross Class Boundaries
Property investment is all about scale, and the bigger the salary the more likely the larger the mortgage will be. House prices have been so drastically over inflated over the last decade or two that even those people on ridiculously high salaries have had to mortgage themselves to the hilt to nab the home of their dreams. And as the credit crunch tightens its grip, more of those considered well off and increasing numbers of middle class home owners are having to consider sell rent back schemes or sell house fast options to stave off debt.
Sell, Rent Back as Crunch hits Cosy Classes
According to a report in the Telegraph newspaper, property owners in Middle England are beginning to feel the crunch. Sell rent back schemes would have never have been a necessity for most high income earners but the problem is based in the over-inflated property market. Those buyers who over borrowed or bought houses based on up to five times their annual salary are now facing difficulty as wages aren't rising to match the rising cost of living. Those with higher salaries tend to have higher outgoings that are just as risky as those on lower salaries – which could lead to more middle classes turning to sell rent back schemes as a way to get a handle on their debt.
Sell Rent Back as Buyers dry up
According to the Telegraph, estate agents are reporting that big houses owned by people on big salaries are being forced to sell up. And as buyers are few and far between, for some a fast house sale or sell rent back scheme is the only speedy way out of the escalating financial nightmare of debt. Upmarket Savills estate agent told the Telegraph that they believe a quarter of all houses on the property market will be up for sale as a result of the credit crunch. For some, downsizing is the aim – those with high income but a restricted budget due to expenses such as on-going school fees. The Telegraph quoted one couple who had to sell their home, a country house in Devon, because the house now required capital to keep it going – extra money it didn't need when they initially bought the house. Finding a buyer isn't easy in today's climate, and for some a sell rent back scheme could be the answer they're looking for.
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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