During the second quarter of this year home repossessions dropped by 10% despite the fact that unemployment has increased, however with unemployment raising continually these figures could change drastically. While the figures of actual repossession may have dropped there has been a slight increase in the amount of people who have fallen behind on their mortgage repayments. A loss of income is one of the main reasons why homeowners fall into mortgage arrears so this does not bode well for the future.

If you are struggling to maintain your mortgage repayments, you may consider selling your home. However selling at this time is a huge struggle. If you want a house sale to avoid repossession of your home, then you may wish to consider a sale and rent back agreement. This can be a win-win situation as you would have cash to pay off your mortgage by choosing to sell a house this way and you would be able to remain in the property by paying rent each month. However there is no life time rental guarantee. You also have to consider the fact that typically you will not be offered 100% of the value of the property. Also be aware that this may not be the most suitable options and look into all other options before going ahead and selling.