While interest rates may be at an all time low many home owners in the UK are still struggling to meet their mortgage repayments. While interest rates are low and this is the time to take advantage and pay more off on your mortgage, this is not possible for those who have fell victim to unemployment through redundancy. Many have fallen so far behind on their mortgage repayments that they do not stand a chance of catching up on the missed payments, and are faced with repossession.

If you have found yourself in these circumstances, you may wish to consider a property rent back deal with a company allowing you to sell your home and then rent it back each month to remain in it. If considering this as an option ensure that you choose an FSA regulated company who would buy rent back your home to you.

When selling this way you get cash for the property, which is used to pay off the mortgage, and arrears, which stops the mortgage lender taking your home and having you evicted. Many companies give you the chance to buy back the property in the future, which means you can become the homeowner again when your circumstances change.