Economic problems are still causing many problems for numerous families all over the UK. Many of these are struggling to keep up with their financial commitments including their mortgage repayments. The Council of Mortgage Lenders are worried that as many as 45,000 home may be repossessed next year if the struggles continue.

If you are one of the thousands who are having problems with finances and cannot meet your monthly mortgage repayments the first step should always be to talk to the mortgage lender. You may then consider other options such as re-mortgaging with lower interest rates or selling the property. You may also wish to consider a sale and rent back agreement.

A sale and rent back agreement may help you to avoid losing your home to repossession and still remain in it. However there are numerous considerations to make. One of the these is that you do not get the full asking price for the property. Another is that the rent back agreement is typically only for a fixed time of around 4 or 5 years. You may then be asked to leave the property.

All options should be considered and a sale and rent back agreement may not be the most suitable of these options. If you have decided to look into a sale and rent back agreement ensure that you choose a regulated company. Any company offering to purchase your home and rent it back to you should be regulated by the Financial Services Authority.