Who Can Benefit From a Rent Back Scheme?
The scheme is designed to be tailored to suit the needs of a wide variety of people and circumstances. One of the most common reasons that you may find that you are unable to keep up the mortgage repayments on your house is through the loss of your job. If this is due to your age, then you are not likely to be able to find another job and may be worried that you will have to sell up and find a smaller house. By using a Rent Back scheme, you can stay in your home, without worrying about the possibility of repossession by the bank or building society and being evicted, given that the rent charged is usually lower than your current mortgage payment.
Illness can affect any one of us, at any time. It may not be you that is sick, but a family member that needs you to take time off work to take care of them. If you need to give up your job, or are self-employed, then you know that you are going to struggle to keep up the mortgage repayments. However, you can put your mind at rest that you are not going to have to deal with the final demands, and continuous phone calls, as well as everything else. A Rent Back scheme might be appropriate in some cases and, if it suits your need, it will help you can concentrate on getting better, or helping your family member to recuperate.
Risk Warning: If you enter into a sale and rent back agreement you are unlikely to get the market value of your home and, as a tenant, may only be able to remain there for a limited period. There may be other options available. Please ask for a Key Terms Statement.
We do NOT offer the sale and rent back arrangements anymore. These arrangements are no longer authorised by the Financial Services Authority. No company can legally offer you a sale with a rent back. However, if you’re interested in selling without renting back, please get in touch with us today as we will be able to make you an offer.
