Is your mortgage too expensive? A sell house rent back scheme could offer a way out of the mortgage trap.
In the past, homeowners who hit financial difficulties always found a way out. The high cost of property and willingness of banks to lend money meant it was rarely an issue to remortgage, release a lump of equity, take a mortgage holiday or shop around for a better mortgage interest rate. But today, those who hit financial difficulties are finding themselves with fewer options, such as a sell house rent back scheme (a fast house sale from a specialist property rescue company, who then offers a rent back option). Or they may have to face up to the very real threat of repossession.
Can't Sell House?
Rent back schemes can offer a solution. If you need to sell purely for financial reasons, or high mortgage repayments mean you can only see financial meltdown on the horizon, rent back schemes allow you to sell your house to a property rescue company. You get the cash from the sale and are offered the option to rent back your home. Sell house rent back schemes are attractive options for those who are desperate to stay in the family home but simply can't afford to hang onto their mortgage.
Sell House, Rent Back – Sidestepping Mortgages
The fact is, choice has vanished from the financial services sector during the credit crunch. Before we could shop around and be savvy with financial products – we could find credit cards that offered cash back, invest in funds with no charge, find savings well above inflation and most importantly, secure a competitive mortgage – now it's nigh impossible to do the latter. Sell house rent back schemes are booming as a result of the mortgage drought. Before the credit crunch there were 16,000 mortgages available to the consumer, today there are under 3,000 and they're dwindling fast. Sell house rent back schemes are increasingly attractive to those who simply can't afford their mortgages anymore and are refused a more competitive rate. The mortgage products that are available tend to be over-priced to deter lenders.
Financial analysts and economists say things have got worse for mortgage borrowers, which goes some way in explaining the massive hike in repossession figures – with more homeowners seeking out alternatives, such as sell house rent back schemes. The mortgage market is expected to shrink by a massive 80% by the end of 2008, with instability in the housing market expected to last until 2010.
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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