For anyone who feels entrapped by the mortgage, a sell house quick scheme could set you free.
Should you opt for a sell house quick and rent instead of struggling with ever-increasing mortgage repayments? Many home owners are opting to do just that as the credit crunch and housing slump seem to have their claws firmly fixed onto the UK economy. Economists expect a massive 'housing correction' as property prices plummet and the love affair with the housing market finally bursts. More people are hoping to sell house quick, escape the gloom of plummeting property prices and break free from the rising cost of home loans.
Sell House Quick: Time to Take a Break from Home Ownership
The current climate has brought to the surface stories from the previous property crash in the early nineties. Many are saying lessons should be learned. Writing in The Guardian newspaper, journalist and film-maker Richard Simpson said he became mortgage free by selling his house quick in 1989 and has done the same now. His plan? To rent and reap the benefits of his equity without watching it disappear as the market continues to fall. Last time, Simpson paid off his mortgage, this time he's hoping to build a pension pot.
Sell House Quick, Cash in on Equity
But the story for most home owners isn't so rosy – in fact, although there are plenty of lucky winners from the property market, those who have bought and sold at exactly the right time for maximum investment and return, there are also plenty of victims. A sell house quick scheme may be one way for someone like Simpson to secure cash, for others a sell house quick scheme is the only alternative to the grim reality of house repossession. Not everybody bought their homes at the right time and the right price. Recent buyers are more likely to be the worst off, especially if they were first-time buyers – buying when property was at its most over-inflated price, when loans were cheap, interest rates low and you didn't need a deposit. For them, a sell house quick scheme may be the only way out of negative equity or mortgage arrears.
"Blissfully Mortgage Free"
Simpson's first home was bought in the late eighties, despite the fact he earned over £25,000 a year – his house earned even more every single month. And so when he sold a couple of years later to a house in the north of the country where prices were cheaper, he found himself living "blissfully mortgage free." Now, if he sells his current house quick, he could find himself with a healthy pension, making the sell-to-rent option an attractive one. In fact, he says, he's not spending much more on his rent than the interest on his cash from the house sale is earning in the bank. For some a sell house quick scheme may be because they're in financial dire straits, for others it's the making of their financial future.