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             29 March, 2024
 

    
Category:  Articles » Finances » Real-Estate

 

How You Could Avoid Repossession By Using An Ethical Rent Back Scheme

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         Views: 1724
2008-06-02 06:55:36     
Article by Oliver Darraugh

Sadly the statistics of repossession are growing with a 65% increase in the amount of homeowners being faced with the horror of losing their homes. The rise in interest rates, which on average boosts mortgage repayments up by £500 per year goes towards these statistics. It really is a grim picture, with over 100,000 homeowners admitting to be in arrears of two months or more and a predicted 19,000 homes expected to fall back into the hands of the mortgage lender due to repossession every year.

For these people life becomes an increasing struggle and an ever growing worry; however there is a solution which should be given some thought that could greatly ease the pressure and worry of repossession. An ethical sell and rent back company could buy your home quickly, and would allow you to remain in it while paying affordable monthly rent to them.

Looking online, you will be able to find ethical specialists in selling and rent back, who could work with you to help you avoid repossession by your lender. As time is crucial when stopping repossession, firms such as these will act in the shortest times possible to buy your home, which then allows you to settle up with your mortgage lender. It is quite usual for the whole process of buying and renting back to be completed in around 7 to 10 days.

The beauty of going with specialists such as this is that you do not have to look around for buyers, there are no chains which might break, any costs are paid by the company, such as solicitor's fees and of course the biggest bonus is the fact that you are able to remain in the property.

A sell and rent back scheme can work very well for those who have limited options and are faced with imminent repossession of their home. A prime example of this would be if you are so far behind in mortgage arrears that there is no possibility of catching up on the missed repayments. Of course if problems have just arisen with your finances and this is only in the short term, then in the first instance you should contact your lender to see if they are willing to reach an agreement.

If you are considering a sell and rent back option then it is essential to choose a professional company. The company should always have the homeowner's best interests at heart and work alongside them to reach a financial solution tailored to the needs of the individual and which they can afford.

A specialist would work with you to come to an agreed purchase price along with the monthly rent you will pay to remain in the property. However, it doesn't stop there as an ethical company will quash proceedings for repossession which may have begun and give advice on the procedures you will have to follow to in relation to the Court. Of course, as with all contracts, you should always read the small print of any contract you are considering before actually signing your home away.

Oliver Darraugh, Director of one of the largest and established property-buying organisation in the UK can help you with rent back home packages. With them you can stop repossession or release and enjoy the equity in your home while at the same time remaining in it.

Specialized in: Sell And Rent Back Home - Sale And Rent Back - Sell Home To Rent Back - Sell To Rent Back Uk
URL: http://www.rentbackmyproperty.co.uk
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