Despite the fact that interest rates have been cut again during the past two weeks for many it is too late and they have already suffered mortgage arrears. For some it is still too much to take advantage of the drop and catch up on their arrears and so they are faced with losing their homes.

When faced with mounting arrears there is little one can do if they cannot be repaid within a certain amount of time. Lenders are somewhat lenient, however they cannot be expected to wait forever for you to repay. Along with this, while drops have been occurring with interest rates it is expected they will not continue to drop and may even begin to rise, which of course means deeper arrears. If you have no means of repaying then you may wish to consider the option of being able to sell your home and rent it back.

There are numerous companies who buy and rent back your home to you. However to ensure that you get the best deal possible always choose a company that is FSA regulated. There are some unscrupulous companies out there who may make unrealistic offers which could see you in a precarious situation a few months after selling.