If I were facing repossession then I could look into a sale and rent back agreement. This would be one way of getting out of a financial mess and may allow me to get back on my feet without the stress and anxiety that repossession would bring.

A Sale and rent back agreement would allow me to sell my home to a regulated company and then continue to live in it for a fixed monthly rent payable to them, which would be decided before signing the contract. The rent would remain fixed for a period and then of course it would rise along with inflation. While I could remain in the property the rental period would be fixed.

This is one of the options I would have to avoid repossession but it has to be looked into very carefully before going ahead. There are advantages such as not having to pay solicitors or estate agents commissions but there are also disadvantages such as only being offered around 70% of the value of the property. I would also have to realise that there would be no guarantee of being able to live in the property indefinitely.