According to a report in the Telegraph, almost half of middle class homeowners are fearful of losing their homes to repossession in 2009. As such, many are likely to utilise sell and rent back schemes to release the equity but continue living in their homes.
The state of the housing market in the UK is now so precarious that some 44% of middle class homeowners genuinely believe that they will be powerless to stop repossession of their homes in 2009, according to the report in the Telegraph. This just goes to show the extent of many homeowner's financial woes and more and more are expected to actively seek out sell and rent back schemes which will not only eradicate any lingering threat of repossession but will also allow for the continued renting of the property for as long as the individual sees fit. This is obviously very important for many homeowners in financial difficulty as it gives them the necessary breathing space that comes with an equity release that allows them to take a step back and take stock of their situation and decide what their next step should be. Of course, by continuing to rent the property with a sell and rent back scheme, any upheaval such as finding a new home, job or school is negated.
Sell and Rent Back – Battling the Economic Downturn
According to the report in the Telegraph, 42% of middle class professionals and 46% of blue collar workers have grave concerns that they don't have the requisite finances in place to pay their mortgage repayments over the coming 12 months. With this in mind, it seems increasingly likely that thousands of homeowners will be seeking out sell and rent back schemes in order to secure their financial futures with an equity release whilst minimising disruption by continuing to rent their home in either the long or short term. These schemes are the ideal solution for many homeowners who are experiencing debt management problems because it gives them the respite from financial arrears that they require to get their life back on track.
Addressing Your Financial Concerns by Selling and Renting Back
It is not just the middle classes, of course, that are experiencing debt management problems relating to the credit crunch and homeowners from all the social strata's are likely to seek out sell and rent back schemes in 2009. Speaking to the Telegraph, Tory MP, Grant Shapps, states, "Householders up and down the country and in every kind of housing are now concerned, as never before, about their ability to maintain a roof over their heads over the next 12 months." For those in this predicament, a sell and rent back scheme could be the answer they are looking for and many will seek advice from housing professionals on this matter during 2009.
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