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Imagine one day you lose your job and suddenly your
creditors are pounding on your door. Or perhaps illness or
accident strikes and you can't keep up your mortgage
payments. Suddenly, you're looking at losing your home.
Anyone can fall into debt. It's a very stressful situation
which can seriously affect your reputation, credit status
and even the roof over your head. But what can you do to get
debt free? If you own property, your best bet is the sell
home and rent back scheme.
As a
property owner, there are a
number of options available to you.
You could sell your home and move out to cheaper
accommodation with all the stress and upheaval that entails.
Or you could use your home as collateral to take out a loan
at a high rate of interest and put yourself even deeper in
debt. Neither of these is an attractive option. However sell
house and rent back scheme not only lets you clear your
debts but also lets you live on in your own home. How does
it work?
In a nutshell, you
sell your home and then rent it back.
So you continue living in your home as before but now as a
tenant. The procedure is simple. First you need to find a
reputable company offering a
sale and rent back scheme.
They will make an offer to buy your home immediately. And
the cash payment they make you is combined with an agreement
for you to stay on as a tenant paying a fair market rent.
Very often, you'll get a rent holiday for up to six months
or a year.
What's more, the company will generally customize the
agreement to suit your needs - depending on whether you want
a short-term rental or long-term arrangement, for example.
There's also the possibility of a buy back option. This
latter option involves pre-agreeing a legally-binding
contract which allows you to later buy back your house at a
predetermined price.
In this way, you clear your debts,
avoid repossession or
eviction, and get to continue living in your own home.
Better yet, your friends and neighbours don't even have to
know anything about it.
While it can be distressing to have to sell your own
property, sometimes this is the only option. And if you have
a mortgage, remember that the bank is the real owner until
you pay the mortgage off.
A sale and rent back scheme is one way to release equity.
Your home equity is defined as the excess of your house's
value over the amount of any loan secured on it. So if you
have no mortgage, your home equity will be the total value
of your property. Equity release is a way of releasing cash
from your home without you needing to move out.
Other ways to release equity are lifetime mortgages and home
reversion plans. However these other plans can be expensive,
inflexible and risky according to the Which? consumer group.
The benefits of the
sale and rent back scheme
are many. Firstly it's a way to get debt free without
further borrowing. This is good for your credit rating.
Plus you are legally protected by an Assured Short Hold
Tenancy agreement. And there are usually no legal or real
estate fees. Finally the procedure is generally very fast.
It can be done in less than a month.
The
sell home and rent scheme
is a simple and straightforward procedure that lets you
clear your debts and stay on in your own home.
But make sure you find a firm who can give you efficient and
professional service. This means using a specialist
organisation with extensive experience in the sell home and
rent field. In stressful times, it really helps to have real
experts taking care of your interests.
Call now on 01803 402287
or enter details in our 30 second form
Eliminate the worry of debt.
Enjoy cash freedom. |
