Repossession can have a disastrous effect on your family. Choose to sell and rent back to keep things stable.
A recent briefing note from the charity Save The Children paints a bleak future for those families living with large debts and the threat of losing their homes. Statistics in the note show that unemployment as of March 2009 was at its highest since 1997. Those still in work are finding that pay cuts are more likely than pay increases and there's very little overtime to be had – cutting incomes considerably. In this climate, families who consider a sell and rent back proposition on their properties could be making the best choice for their family.
The Consequences of Selling and Renting Back
If you're worried about keeping up with your mortgage payments, you may not realise that these worries will have a negative impact on the rest of your family. Apart from the financial worries and cuts that you have to make in order to meet at least some of your mortgage payments, there is always the added risk of repossession. Children feel safe and secure in their homes and taking that security away can have serious physical and psychological consequences. Having to move from one B&B to another until you find housing, or even splitting your family up so that you can live with other relatives is not something that anyone wants to think about. That's why looking at the sell and rent back option is a must:
• Sell your home quickly – when you're in financial difficulty, it's essential that you get a quick sale. This is only possible when you sell privately to a property specialist, because it's a much easier legal process and there's no chain involved. In some cases, you could get cash for your home in as little as 7 days.
• No need to move – the whole point of a sell and rent back scheme is that you don't have to move out of your home. The ownership changes from you and the mortgage lender to the property company, who will then charge you a fair rent to stay in the property. You don't need to worry about finding somewhere else to live or the costs of moving your possessions.
• Debts paid – a good property company will deal directly with your mortgage lender to ensure that your debts are cleared when the sale goes through. Because the sale is fast, the mortgage lender will get their cash quickly, helping you to avoid further interest charges and even stopping repossession proceedings.
• Family security – although you will be living in your house as a tenant rather than as an owner, you will be relieved of the burden of paying your mortgage and be able to budget for a reasonable monthly rent. Your children won't have to move home or school or lose their family and friends, and you can sleep better a night because you've solved your major financial worry.
Sell and Rent Back With Create Quick Sale
If you think that a sell and rent back scheme will help you and your family, give us a call today on 0800 8 22 32 22. Our lines are open all day, every day, so we can give you the right help and advice when you need it. Whether you just want to find out more about how the scheme works, or you're interested in a valuation and a quick house sale, get in touch with us today, either online or by phone.