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Sell And Rent Back Your House

Mortgage arrears are on the rise and with them the threat of repossession. Figures from the Council of Mortgage Lenders (CML) for 2006 showed a 65 per cent increase in the number of repossessions over 2005, giving a total of 17,000 repossessions last year. The number of repossessions is expected to rise again this year and next, driven by rising interest rates, which have put pressure on people's ability to repay their mortgages.

Redundancy, job loss and illness are all unexpected circumstances which can leave you in this situation. It can be tempting to bury your head in the sand when the mortgage company writes to you about repaying your debt. Make every effort to repay your debts and keep talking to your mortgage company. Working out a revised payment schedule might help you to keep your home.

If the mortgage company insists on starting repossession proceedings, there is an option which might appeal to you; the rent back home scheme. Sale and rent back agreements offer a means for you to sell your home, repay your debts and still have a roof over your head. Here's how it works.

With a sale and rent back agreement, the value is in the speed of the process. You call a company and get a valuation and within days you have an agreed sale price. This is usually around 70% of the market value. We pay your legal fees and your house sale can be complete in a about 4 weeks. For many people, this can be a suitable way to avoid the trauma of having their home repossessed. However, 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. T

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.

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