The Minister of Justice has announced plans that will make it impossible for mortgage lenders to repossess homes unless they have obtained a court order. It will also ensure that homeowners are able to gain access to court protection if the lender decides to take repossession proceedings. The Council of Mortgage Lenders believes that around 53,000 homeowners may lose their home this year and it is hoped that by closing the loophole that currently exists some of these repossessions may be avoided.

Repossession is a huge worry and sometimes it cannot be avoided. If you have fallen into arrears with your mortgage and fear repossession then you may wish to look into selling with a company who will buy house rent back to you and give you the option of buying back the property in the future.

If I was struggling with mortgage arrears, I could sell my house and rent it back and pay affordable rent instead of losing my home. If you are considering selling your home and renting back then choose an ethical company who is backed by the FSA to ensure you are offered the best deal for your circumstances. Typically, you are offered less than the full value of your home, however there are no fees to payout for a solicitor or an estate agent.