Lenders are usually very lenient about those who are in mortgage arrears. Typically they will give you some time to recover the money you owe and get back on your feet. However they will only give you so much time, and if you cannot continue repaying the mortgage and get over your head in arrears you cannot pay back, then they will usually repossess.

When I lost my job and was struggling, just weeks away from losing my home and taken to court by the lender, I got in touch with a regulated company offering a sale and rent back agreement. As I had run out of all other options I decided to sell and rent back my property to remain in it.

If you are considering taking a sale and rent back agreement you may wish to bear in mind that the amount you may get for your home may be less than the full value. You might also bear in mind that there is no lifetime rental guarantee, the rental period may be set at 5 years.